Does the electronic payment notify you of the disappearance of cash?
By 2020, nearly 726 billion electronic payments will be registered worldwide. Although cash transactions remain the prominent way of payment in many parts of the world, especially for small amounts, electronic payments are becoming more common.
Does this mean the upcoming end of banknotes and coins?
According to Claude Breton, Vice-president of Public Affairs at the National Bank of Canada, in 25 to 30 years, cash in Canada will no longer exist.
Indeed, between 2014 and 2015, the global volume of electronic transactions via debit or credit cards increased by 11.2% for a total of 433 billion transactions.
With the continuous arrival of various means of electronic payments via smartphone, watch or connected ring, electronic transactions will continue to grow. In Stockholm, for example, many businesses no longer accept cash.
What about Canada?
Canadians are looking for convenience when it comes to shopping and are turning to credit cards as the main form of payment with features like TAP.
There is no doubt that Canada has become a world leader in the use of credit cards with more than $462 billion point-of-sale transactions in 2016 according to Payments Canada. In addition, the introduction of “contactless” technology has eased the purchase process and now allows consumers to buy a coffee without having to reach into their pockets to find some change.
Payments Canada issued a report confirming an increase of nearly 48% in online transactions, for a grand total of 177 million transactions in 2016. As a result, Canadian consumers have become more comfortable with online banking. Direct bank transfers also increased by nearly 51% totaling $68 billion in 2016.
About Techni-Connection
Techni-Connection is a reseller of 3 POS softwares in Canada (Yourcegid Retail, VisualTouch, Retail Management Hero), addressing today’s evolutions and needs. New features are constantly added to the systems (Clienteling, eCommerce, Click & Collect, SaaS, Mobile-POS) to match omni-channel strategies and personalizing the customers shopping experience.
Techni-Connection delivers cost-effective IT solutions to companies of all sizes. With its 24/7/365 helpdesk support system, TCI responds quickly and efficiently to customers problems and provides on-site support. TCI’s strong in-house technical team is also complimented by a network of 150+ certified IT experts across North America.
Sources (articles in French and in English)
More Candians than ever useing digital payment, report finds – IT World Canada
Plus de 700 milliards de paiements électroniques dans le monde en 2020 – La Presse