Description
Abstract: In recent years, the rise in digital payments has spurred discussion about the future of cash at the point of sale. The COVID-19 pandemic has also contributed to this discussion. To better understand cash acceptance and the impact of payment innovations such as mobile payments in Canada, the Bank of Canada conducted the 2021–22 Merchant Acceptance Survey Pilot Study — a survey of around 500 small and medium-sized businesses. We find that 97 per cent of small and medium-sized businesses in Canada accepted cash in 2021–22 and only 3 per cent have plans to stop accepting cash. For cards and digital payments, merchant acceptance has increased over the last few years. Therefore, cash and digital payments continue to co-exist at the point of sale, and Canada is far from being a cashless society.