Montreal, January 22, 2020 - The federal government must act to force merchants to accept cash, as the disappearance of cash payments exposes consumers to numerous privacy and budget management risks, says Option consommateurs in a report published today.
The trend is well underway: Via Rail, Éconofitness fitness centers and restaurants and businesses across the country are now accepting only electronic payments.
The decision by more and more companies to turn their backs on cash could disadvantage the main users of cash, such as the elderly, low-income consumers and those with less education.
What's more, unlike cash, electronic transactions are not anonymous. A card payment implies that computer systems will record financial information that could be exploited for commercial purposes. The circulation of this data also increases the risk of it being hijacked and used by criminals for the purposes of fraud or identity theft.
"It's high time to regulate all electronic payment methods with harmonized rules capable of adapting to new technologies, while promoting access for all consumers," says Alexandre Plourde, lawyer and analyst at Option consommateurs.
The study also also reports that consumers want to be able to choose how they pay, and consider it illegitimate to be refused payment in cash. They also believe that cash is simpler, and provides greater freedom and control over their assets.
Option consommateurs is asking the government to modernize the Currency Act to require merchants to accept cash, and to standardize the various laws governing electronic payment methods.
Research "Argent comptant - Vers une mort annoncée? was made possible by a contribution from the Office of Consumer Affairs of Innovation, Science and Economic Development Canada.
About Option consommateurs
Option consommateurs is a not-for-profit association whose mission is to defend the rights and interests of consumers. It is closely involved in issues related to personal finance, business practices, financial services, protection of personal information, energy, health and agri-food.
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For more information or an interview:
Marie-Ève Dumont, Communications Consultant
514-777-6133
