“Consumers no longer are interested in withdrawing cash from the ATM just to pay for purchases.”
In the commercial world today, in order to be successful retailers have to offer a diverse range of convenient payment options to their customers while also maintaining security. In Canada, over 90% of consumers prefer to pay via credit, debit, or other electronic methods as opposed to cash transactions. In fact, Canada is ranked second on the list of cashless societies due to the preference for no cash payment options. Of the 15% of consumers that still use cash for in-store payments, most list complexity of cashless transactions as the reason for not converting.