Businesses still need cash counters as cash remains leading payment source
Payment technologies have changed substantially over the last decade, with consumers using debit and credit cards more than ever before and the emergence of new technologies like contactless payments and digital wallets.
But recent reports show cash is still a dominant payment method in Canada and retailers and financial institutions alike should continue to have cash counters available to handle the currency.
Cash counters still necessary tools for Canadian businesses
According to a report by ITBusiness.ca, the number Canadians that used contactless, online and mobile payments grew almost 50 per cent between 2014 and 2015, yet cash was still the most widely used currency used by volume. Payment processor Moneris conducted a study and found that 45.7 of Canadians still use cash as their primary form of payment.
The new digital payment solutions usually require high-end, modern devices with internet connections to use. Hendrix Vachon, an economist with Desjardins Group, a Montreal-based association of credit unions, told the Vancouver Sun that cash will remain viable for some time because not everyone has access to the emergent technology at all times, or at all.
"There's an argument to having universal access to a method of payment," Vachon said. "...Maybe older people have difficulty adapting to new technology, and lower-income persons don't have the same access to that technology. If you consider all those factors, it's hard to believe one day that cash would totally disappear."
Although cyber payments and gotten more popular, cash is still widely used throughout the country. Retailers, small businesses and institutions like credit unions can still benefit from having cash counters on-hand to process the bills they receive.
November 1, 2017