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COVID-19 has not killed merchant acceptance of cash: Results from the 2023 Merchant Acceptance Survey

Author

Listed:
  • Welte, Angelika

    (Bank of Canada, Canada)

  • Talavera, Katrina

    (Economist Specialist, Ontario Ministry of Finance, Canada)

  • Wang, Liang

    (Currency Department/Economic Research and Analysis, Canada)

  • Wu, Joy

    (Currency Department/Economic Research and Analysis, Canada)

Abstract

In recent years, the rise in digital payments has spurred a discussion in Canada and other countries about the future of cash at the point of sale. To better understand trends in payment methods accepted by Canadian businesses, including cash acceptance and the impact of innovations such as mobile payments, the Bank of Canada conducts the Merchant Acceptance Survey, a survey of small and medium-sized businesses. This report finds that 96 per cent of these businesses in Canada accepted cash in 2023. Acceptance of debit and credit cards has increased since 2021 to 89 per cent, and acceptance of digital payments has increased as well. The vast majority of merchants (92 per cent), however, have no plans to go cashless in the future. This paper concludes that cash and digital payments continue to coexist at the point of sale, and Canada is far from being a cashless society.

Suggested Citation

  • Welte, Angelika & Talavera, Katrina & Wang, Liang & Wu, Joy, 2024. "COVID-19 has not killed merchant acceptance of cash: Results from the 2023 Merchant Acceptance Survey," Journal of Digital Banking, Henry Stewart Publications, vol. 9(3), pages 273-286, December.
    • Handle: RePEc:aza:jdb000:y:2024:v:9:i:3:p:273-286
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    More about this item

    Keywords

    Bank notes; digital currencies and FinTech; econometric and statistical methods;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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