News – CAST-ACTS

News Releases

CAST urges retailers to promote inclusivity and accept all modes of payment this holiday season

Despite the extremely low risk of COVID-19 transmission through the handling of currency, some retailers continue to discourage or outright refuse cash as a payment method

Montreal, Quebec, December 8, 2020 – As businesses, consumers and communities continue to struggle with the second wave of the pandemic, the Canadian Association of Secured Transportation (CAST) urges retailers to accept cash as a form of payment. > Continued

Electronic Payments are the Biggest Problem as Fraud Continues to Rise

Cash is Key to Counterbalance Explosive Problem

MONTREAL, July 14, 2020 – Fraud is a significant and mounting problem for global economies made worse by non-cash methods of payment, according to new research. The global economy currently loses US$4.1 trillion annually to fraud. The data suggest a dire warning: societies must support cash to counterbalance rampant electronic payment fraud. > Continued

Bank of Canada Study Finds Canadians Not Going Cashless

Consumers Continue to Use a Variety of Payment Methods

MONTREAL, July 13, 2020 – A Bank of Canada Staff Discussion Paper on the impact of the COVID-19 pandemic on the demand for and use of cash found that Canadians are still using a variety of payment methods. The study found that cash in circulation in Canada grew sharply in March and April 2020, and the increase was large in both absolute dollars and percentages compared with historical experience. > Continued

CAST welcomes the INSPQ’s recommendations on the acceptability of cash payments

No documented cases of COVID-19 transmission by banknotes

Montreal, Quebec, July 8, 2020 – The Canadian Association of Secured Transportation (CAST) welcomes the latest recommendations from the Institut national de santé publique du Québec (INSPQ) to the effect that cash transactions are acceptable by stores and businesses. > Continued

OPEN LETTER: Restricting the free circulation of cash hurts society’s most vulnerable

Montreal, May 29, 2020 – In response to the article “COVID-19 pandemic could accelerate shift to cashless, experts say” published by the Canadian Press on May 28, 2020, under Nicole Thompson’s byline, the Canadian Association of Secured Transportation (CAST) would like to reiterate the vital role that cash plays in our society. > Continued

Open letter: We Need to End the Practice of Cash-shaming: Cash is Vital to the Economy and Safer to Touch Than Cards

In response to continued misinformation about the cleanliness of cash and the refusal by businesses to accept it, the Canadian Association of Secured Transportation (CAST) issued the following open letter:

Montreal, May 21, 2020 – COVID-19 has exacerbated fears that as cash changes hands, it becomes a transporter of germs and viruses. But is cash really any worse than your debit or credit card? LendEDU, a company that helps consumers learn about financial products, used a scientific device that tests for bacteria on a given surface to examine just how dirty credit/debit cards and cash really are. > Continued

COVID-19: Currency Poses No Greater Risks Than Bank Cards or Mobile Phones

Montreal, QC, May 6, 2020 – The Canadian Association of Secured Transportation (CAST) released the following statement in response to the continued refusal by many retailers across Canada to accept cash as a method of payment due to fears of COVID-19 transmission. > Continued

Cash matters – now, more than ever, in the time of coronavirus

Brussels, April 15, 2020 – Groups representing the currency, ATM, transportation and security sectors call on governments, central banks, media, business and society to stand up for cash to protect the resilience of the existing payment ecosystem and ensure vulnerable groups are not deprived of the only means of payment that is available to all. Cash is safe: we should stop stigmatising its users. > Continued

Open letter: Refusing cash means hitting the wrong target

In response to the refusal by some businesses to accept cash payments, the Canadian Association of Secured Transportation (CAST) issued the following open letter.

Montreal, QC; March 21, 2020 – The COVID-19 pandemic has quite rightly caused us to ramp up our hygiene and cleanliness precautions; but it is important that we rely on facts, not fear, before we take measures that have serious consequences. > Continued

In The News

The Wall Street Journal
Don’t Bank on Covid-19 Killing Off Cash Just Yet

January 31, 2021 — Pandemic has sped the decline of cash payments; analysts say it is too soon to know if new habits will last> Continued

MUSKOKA 411
CAST Urges Retailers To Promote Inclusivity And Accept All Modes Of Payment This Holiday Season

December 8, 2020 — As businesses, consumers and communities continue to struggle with the second wave of the pandemic, the Canadian Association of Secured Transportation (CAST) urges retailers to accept cash as a form of payment. > Continued

FINANCIAL POST
Digital cash may seem inevitable, but the Bank of Canada isn’t quite ready to concede

December 3, 2020 — The agreed subject for an interview last February with Timothy Lane, the Bank of Canada deputy governor charged with keeping an eye on financial technology, was digital cash. But I begged his indulgence on another matter, as it seemed appropriate to talk for at least a few minutes about COVID-19, which appeared to be on the verge of overrunning Europe after ravaging much of Asia. > Continued

The Reminder – Flin Flon
Pandemic speeds up Canadians’ switch from cash to cards

July 21, 2020 — The COVID-19 pandemic has changed the way Canadians buy and sell. The move to tap, swipe and insert cards, use electronic transfers and pay via mobile devices has all but rendered obsolete the idea of handing over a wad of cash for any kind of item. > Continued

Toronto Sun
Cash is king in fighting fraud: Study

July 19, 2020 — While fraud involving cash is lessening yearly, large gains in fraudulent activity involving cards more than makes up for it, according to a new study. The global economy sees (U.S.)$4.1 trillion evaporate annually due to fraud and research suggests it’s only going to get worse as we increasingly go away from using cash. > Continued

Assiniboia Times
Electronic payments are the biggest problem as fraud continues to rise

July 14, 2020 — Fraud is a significant and mounting problem for global economies made worse by non-cash methods of payment, according to new research. > Continued

CTV News
Quebec health institute says cash payments are acceptable with measures in place

July 7, 2020 — MONTREAL — Cash transactions will be allowed in stores by limiting time and proximity between employees and clients and by handwashing after transactions, according to a document updated by l’Institut national de sante publique du Quebec (INSPQ) on Monday. > Continued

CBC News
As cash use falls victim to the pandemic, it’s also hurting society’s most vulnerable

June 22, 2020 — NOVA SCOTIA – The COVID-19 pandemic has sped up the already-declining use of cash in Canada as more people have switched to using debit and credit cards, and that change is hurting people whose livelihoods depend on cash. > Continued

ABC News
What Australia can learn from Sweden’s move to a cashless society

June 9, 2020 — As Australia flirts with the idea of a cashless society after coronavirus, Sweden has a warning: be careful what you wish for. > Continued

CTV News
Bank of Canada urges stores to continue to accept cash

May 26, 2020 — TORONTO – Even before the COVID-19 pandemic, consumers had been increasingly using forms of cashless payment such as credit and debit cards, e-transfers and their smartphones to pay for products. > Continued

Today’s Trucking (Trucknews.com)
Industry flirts with paperless trucking

May 26, 2020 — TORONTO – Fleets are quickening the pace of digitization as the trucking industry deals with the challenges brought on by the coronavirus pandemic. > Continued

Cochrane Today
COVID-19 and money handling

May 22, 2020 – COCHRANE— The COVID-19 pandemic has wreaked havoc on daily activities and for those trying to pay with cash, a courteous reminder has been plastered at almost every establishment reminding consumers to— “please pay with credit or debit in fears of COVID-19 transmission.” > Continued

OurWindsor.ca (Orangeville Metroland Media Group)
Dirty money or filthy plastic? Is cash, debit or credit the cleanest payment option for coronavirus pandemic?

May 22, 2020 – Cash is still king, but it is not being treated that way during the coronavirus pandemic. Referred to by some as “cash shaming,” signs stating “cash not accepted” or “debit or credit only” are popping up in businesses and retail locations within communities all over Ontario. > Continued

660News (Citynews1130)
Debit and credit cards collect more bacteria than cash, study says

May 21, 2020 – CALGARY — Cash and coins are known for traveling around the world picking up germs along the way, but it might be surprising to hear it’s not the ‘dirtiest’ thing in your wallet. A study conducted by LendEDU tested for bacteria on the surface of 41 different credit and debit cards, 27 different bills, and 12 different coins using a device that returns a germ score. The higher the number, the dirtier the surface. > Continued

InBrampton (inthehammer – Inhalton)
Is using cards over cash helping prevent the spread of COVID-19

May 22, 2020 – Due to the pandemic, many shoppers have eschewed making purchases using cash, but is it for a legitimate reason? Many Canadians believe using cash is a surefire way to help spread COVID-19, but the Canadian Association of Secured Transportation (CAST) believes this is a misconception. > Continued

Cornwall Newswatch
Letter to the Editor: Stop the practice of cash-shaming

May 21, 2020 – The following is an open letter from Steven Meitin, the president of the Canadian Association of Secured Transportation (CAST), which advocates the the secure transportation of valuables. CAST wanted to address what it calls the “continued misinformation about the cleanliness of cash and the refusal by businesses to accept it.” > Continued

Muskoka411
COVID-19: Currency Poses No Greater Risks Than Bank Cards Or Mobile Phones

May 10, 2020 – The Canadian Association of Secured Transportation (CAST) released the following statement in response to the continued refusal by many retailers across Canada to accept cash as a method of payment due to fears of COVID-19 transmission. > Continued

MooseJaw Today
Cash and COVID-19: safe, but be careful

May 6, 2020 – Canadian Association of Secured Transportation data shows banknotes are just as safe as phones and bank cards. > Continued

CASTANET – Kelowna
Cash and COVID-19: safe, but use common sense and take care

May 6, 2020 – The Canadian Association of Secured Transportation (CAST) says cash is no more dangerous than bank cards or mobile phones. CAST, an advocate for the interests of Canadian providers of secure transportation of valuables, issued their statement as many retailers across Canada continue to refuse to accept cash payments due to fears of transmitting COVID-19. > Continued

Bankrate
Coronavirus and cash: Why consumers should be cautious, but not fearful of handling dollars

March 27, 2020 –Full-blown panic likely isn’t necessary in the age of the coronavirus. But medical experts say consumers should be cautious, particularly with what they do with their hands after pulling out a wad of cash or making a withdrawal from an ATM. > Continued

The Wall Street Journal
As Coronavirus Spreads, Should You Have More Cash — or Less?

March 12, 2020 –A bigger cash stockpile might give some people a sense of security, while others fear the bills and coins themselves will carry the virus > Continued

MIT Technology Review
No, coronavirus is not a good argument for quitting cash

March 12, 2020 –Though it’s theoretically possible, there is no evidence that physical money—or any inanimate surface, for that matter—helps the virus spread. > Continued

Reuters
Banknotes carry no particular coronavirus risk: German disease expert

March 11, 2020 –Handling banknotes doesn’t pose a particular risk of contracting coronavirus, the head of Germany’s Robert Koch Institute (RKI) for infectious diseases said on Wednesday. > Continued

IHeartRADIO
A world without cash

January 31, 2020 –Proponents argue a cashless society has no shortage of benefits for everyone involved, but critics suspect there are more than a few dangerous possibilities at play — listen to the Stuff They Don’t Want You To Know by IHeartRADIO.> Continued

News Releases

CAST urges retailers to promote inclusivity and accept all modes of payment this holiday season

Electronic Payments are the Biggest Problem as Fraud Continues to Rise

Bank of Canada Study Finds Canadians Not Going Cashless

CAST welcomes the INSPQ’s recommendations on the acceptability of cash payments

OPEN LETTER: Restricting the free circulation of cash hurts society’s most vulnerable

Open letter: We Need to End the Practice of Cash-shaming: Cash is Vital to the Economy and Safer to Touch Than Cards

COVID-19: Currency Poses No Greater Risks Than Bank Cards or Mobile Phones

Cash matters – now, more than ever, in the time of coronavirus

Open letter: Refusing cash means hitting the wrong target

In The News

The Wall Street JournalDon’t Bank on Covid-19 Killing Off Cash Just Yet

MUSKOKA 411CAST Urges Retailers To Promote Inclusivity And Accept All Modes Of Payment This Holiday Season

FINANCIAL POSTDigital cash may seem inevitable, but the Bank of Canada isn’t quite ready to concede

FINANCEFEEDSECB offers robust support of cash as digital payments creep up

THE STARWho is left behind in a cashless society?

CTV NewsOntario man denied refund after hackers guess e-transfer password

The Reminder – Flin FlonPandemic speeds up Canadians’ switch from cash to cards

Toronto SunCash is king in fighting fraud: Study

Assiniboia TimesElectronic payments are the biggest problem as fraud continues to rise

CTV NewsQuebec health institute says cash payments are acceptable with measures in place

CBC NewsAs cash use falls victim to the pandemic, it’s also hurting society’s most vulnerable

ABC NewsWhat Australia can learn from Sweden’s move to a cashless society

CTV NewsBank of Canada urges stores to continue to accept cash

Today’s Trucking (Trucknews.com)Industry flirts with paperless trucking

Cochrane TodayCOVID-19 and money handling

OurWindsor.ca (Orangeville Metroland Media Group)Dirty money or filthy plastic? Is cash, debit or credit the cleanest payment option for coronavirus pandemic?

660News (Citynews1130)Debit and credit cards collect more bacteria than cash, study says

InBrampton (inthehammer – Inhalton)Is using cards over cash helping prevent the spread of COVID-19

Cornwall NewswatchLetter to the Editor: Stop the practice of cash-shaming

Muskoka411COVID-19: Currency Poses No Greater Risks Than Bank Cards Or Mobile Phones

MooseJaw TodayCash and COVID-19: safe, but be careful

CASTANET – KelownaCash and COVID-19: safe, but use common sense and take care

BankrateCoronavirus and cash: Why consumers should be cautious, but not fearful of handling dollars

The Wall Street JournalAs Coronavirus Spreads, Should You Have More Cash — or Less?

MIT Technology ReviewNo, coronavirus is not a good argument for quitting cash

ReutersBanknotes carry no particular coronavirus risk: German disease expert

IHeartRADIOA world without cash