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Cash is no longer the preferred method of payment for Ottawans, at least according to a new report from Square. The payments company says Ottawa is now the country's most cashless city, with its residents preferring to pay with plastic because of the COVID-19 pandemic. Before the pandemic, 31.3% of purchases in the city were paid by cash. But since COVID-19 hit, cash sales have dropped to 1.7%.
Now, most purchases in Ottawa are paid for with cards at a rate of 98.3%. Montreal comes in a close second at 97.2%. The highest percentage of purchases paid for with cards includes breweries, wineries and distilleries, food and drink vendors, and leisure and music entertainment.
The top city for cash payments is Surrey, B.C., which is at 23%, followed by Vancouver at 15%.
According to Square economist Felipe Chacon, "In the two months since social-distancing, Canadians have moved away from cash at warp speed, in part due to safety concerns around handling cash, and in part the increase in online orders."
Source: CTV News