Adedokun Waliyu 
The Bank of Canada says most retailers take cash transactions and a majority still take cheques, according to Blacklock’s Reporter.
“Discussion groups and in-depth interviews confirm merchants will continue to accept methods of payment consumers choose to use. Recent consumer surveys conducted by the Bank indicate cash will continue to be used at the point of sale,” a Bank report said.
“(Retailers) continue to view cash as a highly reliable and low fee method of payment,” said the report, ‘Covid-19 Hasn’t Killed Merchant Acceptance Of Cash.’ “Despite increasing acceptance of digital payments and payment innovations, merchants’ cash acceptance is not being displaced.”
Cash was used by 100% of businesses surveyed in Quebec and 99% in Atlantic Canada.
“Acceptance is 95% or higher across all other regions of Canada,” wrote researchers.
The Bank says 55% of businesses still accept cheques.
Almost two thirds of businesses across Canada also dealt in Interac payments.
“We find 96% of small- and medium-sized businesses in Canada accepted cash in 2023. Acceptance of debit and credit cards has increased since 2021 to 89% and acceptance of digital payments has increased as well,” the report said.
“However the vast majority of merchants, 92%, have no plans to go cashless in the future. Therefore cash and digital payments continue to coexist at the point of sale and Canada is far from being a cashless society.”
The Bank of Canada solely produces banknotes under the Bank Act earning some $1.6 billion a year from printing and circulating bills.
“Whether and when a digital dollar will become needed is uncertain,” the BoC said in a statement last November 29. “Ultimately the decision to go ahead with a digital dollar belongs to Canadians through their representatives in Parliament.”
