Reconsidering a cashless Canada

With the advent of technology comes ever-increasing forms of payment, the oldest of which is on a downward trend in Canada.

In fact, Canada was crowned as the world’s most embracing country when it comes to cashless payment methods according to an independent study. This is “hardly surprising,” according to researchers, “since there are over two credit cards for every person living there.”

Sweden, whose federal government is studying the effect of a cashless society, placed second on the top 10 list.

During a recent talk at the University of Calgary’s Haskayne School of Business, Bank of Canada Deputy Governor Timothy Lane discussed the need for globally harmonized regulations while outlining concerns about a “completely cashless” society.

“Cash works even when the systems are down; when the power goes out and people can still make payments using banknotes. Second, banknotes offer privacy for your transactions. You can use them without giving anyone your personal or your banking information,” said Lane. “Using cash avoids the risk of being hacked or having your card compromised.”

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