In Canada, which has long embraced contactless card technology (dual interface EMV) for both consumers and merchants is now seeing that technology drive down the use of cash as explained in a Canadian Press article:
It’s a choice some in the industry say is likely to become more commonplace as tap-and-pay cards and digital wallets increasingly replace bills and coins, saving merchants and customers precious time by not having to fumble with cash at the queue.
There are a growing number of merchant who are now not accepting cash in their stores:
It’s something DavidsTea co-founder David Segal is banking on, after recently opening the doors to his Mad Radish restaurant venture where he has a no-cash policy in place at both Ottawa locations.
“I just feel like the benefits are enormous and so why not try it?” says Segal, who aligns faster service with better customer experience.
Just to the south in the U.S., however, Visa is running promotions and giving away thousands of dollars to get U.S. restaurants to consider banishing cash. More on that here.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
Read the full story here