Even though Canadian cash is a legal tender, the bank of Canada mentioned that it is not mandatory for Canadian business to accept cash. It is not against the law for refusing cash transaction. And with the covid19 virus circulating throughout Canada, most retailers are taking precautions against accepting Cash because there is the potential of transferring and contamination to others through Cash.
Some canadian businesses would prefer electronic transaction such as Debit and credit card because it is easier to track the transaction and there is less chance of employee mishandling the money for fraudulent purpose. In some cases, customer themselves wants electronic transaction service provided to them rather than cash transaction. This of course is a major disappointment for people who have been so used to using cash for every transaction. Surprisingly there are people in today's world who still don't have a credit card or refuses to use a debit card for purchases.
One disadvantages of using electronic payment such as credit card, debit card and phone payment technology is that there is a loss of privacy when using these methods of payment. Every transaction is recorded by the respective company which issued the credit card, debit card or phone payment technology. When using cash, there is no loss of privacy concerns.
Also if someone gets hold of your credit card, debit card and phone payment technology information, they can start scamming you and take away your money online through fraudulent means. With cash, it is much more safer since the cash will be with you in your purse and any online fraudsters have no chance to steal your physical money cash from your purse or wallet.
It is harder to know enough spending is enough when you use credit card, debit card, phone payment technology because you tend to overspend your money without realising it. If you use cash instead, you tend to spend less because once your cash is gone, you will feel it is gone. That would be enough to discourage you from overspending your money.
