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Industry NewsBank of Canada urges retailers to continue to accept cash

Bank of Canada urges retailers to continue to accept cash


michelle-spollen-p22afmgmuuc-unsplash-5819459Michelle Spollen, unsplash

Many retailers only want to accept contactless payments at their stores to stop the spread of COVID-19 but the Bank of Canada is urging them to continue to accept cash.

“We encourage Canadians to use the method of payment that they are the most comfortable with. However, the Bank strongly advocates that retailers continue to accept cash to ensure Canadians have access to the goods and services they need. Refusing cash purchases outright will put an undue burden on those who depend on cash and have limited payment options.”

A CTV story notes that an advocacy group for low and middle income families, Acorn Toronto, says that approximately “three per cent of Canadians do not have a bank account or a banking card and cash is the only form of payment they can make.”

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