September 2021
Swiping has replaced dollars. Go into any store to make a purchase. Most prefer to swipe their card rather than carry and exchange money. Condo building management offices often refuse cash for anything requiring payment.
Canada is a world leader in moving to a cashless society. The Canadian Bankers Association reports only one percent of us don’t have a bank account, and 76 percent do banking online. Canada Revenue Agency prefers taxes be paid and refunds received electronically.
Money can get lost or stolen. It is a medium for exchanging germs and dirt, and is worthless if torn, melted or burned. Banks prefer not to handle paper and coin currency, and may charge a fee for accepting it. People and equipment are needed to count, separate, record and store money. Money is anonymous and facilitates crime.
The popularity of paper and coin money is on the decline.
Millennials rarely carry cash. Instead they rely on Paypal, ApplePay, e-transfer and debit cards. Salaries are received by direct deposit. Many now live in a cashless society.
Some stores or businesses no longer accept cash. Those that do handle less of it making any attempted robbery or theft less appealing. Armoured cars picking up daily cash receipts are less common. Employees are less at risk of being harmed during a robbery. Employers are less at risk of theft or receiving counterfeit money. Driving tolls are no longer manned and don’t accept cash.
Cash does offer advantages. It can be used when the power goes out and during computer system failures. It offers privacy and doesn’t require personal banking information that can be misused or stolen. Unlike credit and debit cards, it can’t be used except by the person holding it.
In a society that cherishes convenience, cash is no longer king.
