September 9, 2019 9:48 pm
Updated: September 10, 2019 7:20 am

Cashless society: 85 per cent of Canadians don’t pay with cash regularly

A debit card tapping on a payment machine.

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As we continue to move in the direction of becoming a cashless society, consumers and businesses are starting to make adjustments so they can adapt.

Eighty-five per cent of Canadian consumers are now paying with either debit or credit on a regular basis.

READ MORE: Canada among countries leading in cashless payments: study

“It’s definitely a lot more tap and a lot more Apple pay, Google pay, that kind of payment,” says Janice Urniezius, owner of Park Line Coffee on Osborne Street.

Janice Urniezius, owner of Park Line Coffee on Osborne Street.

Dan Turnbull / Global News

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According to the Retail Council of Canada, only 15 per cent of retail consumers regularly pay with cash.

“You constantly hear of consumers that have no cash on them and may not have cash for days because of how easy it is to tap a debit card or a credit card,” explains John Graham, director of government relations for the Retail Council of Canada.

Some businesses will only accept cash because of added fees associated with credit or debit transactions.

READ MORE: Is Canada becoming a cashless society?

“It depends on on the rates you’ve negotiated so if you do a high volume, your costs are actually fairly low,”

For Urniezius, catering to the needs of her customers regardless of how they pay, remains her top priority.

“For my business for the small transaction fee, it’s always worth it, whatever gets the customers through the door,”

WATCH: Paying off your mortgage vs. saving for retirement

 

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