Whether you pay by debit, credit, mobile wallet or smartwatch, speed and convenience are driving the way Canadians are choosing to pay, but it all comes with a price — cash as a payment option is steadily declining.
The spike in digital adoption was fuelled in part by the pandemic, as Canadians turned to virtual, mobile and online payment transactions in record numbers.
In Canada, credit cards remained the top method of payment followed by debit, with Canadians reiterating ease, speed and convenience as the reasons they opt for plastic over cash, according to Payments Canada’s most recent report.
With Canadians opting for more contactless, digital forms of payments, more doors open for newer, more futuristic in-store shopping experiences, like Aisle 24.
Starting in October, Canadian businesses have the option to pass on some of those credit card fees to customers as a result of a class action settlement.
So, what happens if you try to pay with plastic at Swan Dive?
“We do have this ATM in the back that people use. It’s for when they walk in without cash on them,” Shiner says. “If you have an ATM, you can own one yourself or you can have a profit-share agreement like I do. And so every time someone uses the ATM, you’re supporting two small businesses. We make some money and the ATM provider makes some money.”
