Peter Read and Karen Budahazy: A cashless Canada is key to financial well-being

Canada is moving fast in the direction of a cashless society. With Canadians more inclined to reach for their credit cards or smartphones than dollar bill and coins, Canada has been deemed the world’s most embracing country when it comes to cashless payment methods according to an analysis by Forex Bonuses. A study recently commissioned by the CPPO found that nearly two-thirds of Canadians have made fewer cash purchases over the previous year, especially tech savvy millennials, and only 18 per cent use cash as their preferred method of payment.

Alternative payment tools, however, go beyond consumer convenience and while some concerns have been raised by the Bank of Canada about a cashless future, these tools have proven to promote financial well-being far and wide. According to the World Economic Forum, digital technologies offer a powerful way to boost financial access and contribute to prosperity.

Read the full article from The Province here to learn why Canada should embrace alternative payment tools on our road to a cashless society.

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