Many Canadians are Prepared for a Cash-Free Future

Half of Canadians are okay with leaving behind the colourful banknotes and the loonies and toonies they’ve come to know, according to a recent survey. Two-thirds of those who answered wish to get rid of personal cheques, too.

Unlike other countries, Canada started using digital banking and electronic payments in the eighties, and after three decades of use, citizens have adjusted quite well. The country ranked third worldwide for frequency of cashless payments in 2013, though Sweden is now ahead of most others with its many restrictions on cash.

Because all payments that don’t involve cash are recorded, some people are worried about their privacy, but many understand that revealing a small portion of personal information to make a purchase easily is a fair exchange.

Reservations about digital wallets have kept many Canadians from using them, despite their advancements in recent years. Those who use them regularly enjoy their convenience and have experienced very few problems with them.

The survey’s results are certainly the most accurate compared to others, considering it was created and executed by Payments Canada, a settlement program that many Canadian banks use. A cash-free country could be the most efficient way to tighten up the economy. Are you ready to go cash-free? Let us know what you think on Facebook!