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COVID-19 pandemic could accelerate shift to cashless, experts say

作者:admin 2020-05-31

Some businesses reopening with pandemic protocols in place have said they won’t accept cash for the time being, potentially accelerating what the Bank of Canada describes as a decade-long shift away from the banknote.

Cashiers at Longos, Best Buy and The Shoe Company, for instance, will refuse cash out of concern the bills are a vector for the novel coronavirus. But experts — and Canada’s central bank — warn this leaves those without bank accounts, and some others with low incomes, by the wayside.

“This is going to be a big shock to the system that will push us in the direction of a more modernized payment system,” said Walid Hejazi, an associate professor of economic analysis and policy at the University of Toronto. “And if the developments we’ve seen during the pandemic continues to accelerate, we’re going to get to that fully modernized payment system much more quickly.”

The migration away from cash has been ongoing for more than a decade, according to the Bank of Canada’s most recent survey on methods of payment, conducted in 2017.

That year, it said, 33% of transactions were done in cash, down from 54% in 2009.

Smaller surveys conducted by Payments Canada, which handles the clearing and settlement of payments in this country, suggest the trend has only continued in the last few years and has accelerated in the past few months. And Interac, which operates Canada’s debit payments system, said last week that e-transfers are more frequent than ever during the pandemic and use of the contactless “Flash” tap payment system is also up.

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