Is Cash No Longer King?

Cash, they say, is king. But as of 2020, that's likely to change in Canada and many other places going forward. If you're still nervous about touching shopping carts, subway seats and door knobs, what is your franchise going to do about cash payments?


Mobile wallet payments will rise

Everyone has experienced tech changes over the course of this pandemic. From executives to students, more people are online and trying to figure out new ways to do things. People who have never really used technology before or only did so sparingly are now depending on it.

Of course, with many businesses closed, mobile pay points are not getting a lot of use right now. But as a franchisee, you should keep two things in mind right now. First, some customers will just refuse to handle cash. They will expect businesses to offer them other options. Two, as a country, Canadians have become heavier users of technology. People have introduced concepts such as video conferencing and happy hours online into their daily lives. By that same token, Canadians will expect to see more tech options as the economy reopens, along with approaches that limit the potential to transfer viruses.

Before 2020, mobile payments were something that were more often used by the younger generation. However, this payment method was not very trusted by a significant portion of every age group. This is likely to change because of the heavier use of tech during this crisis. Despite the distrust of mobile payments, more and more people have been doing things such as depositing checks via a banking app. This may mean that mobile wallets, while not trusted before, will begin to feel more comfortable because just about all age groups have spent more time learning ways to use the electronic side of businesses.

As you start or build your franchise in the post-2020 crisis, remember that cash is probably not going to hold the same spot in commercial transactions anymore. Since we have become more aware of and sensitive to hygiene practices, a shift to mobile phone payments is very possible. Make sure your current or new franchise is prepared to handle the new, cashless way of doing things that your customers will expect to use. Explore all the cashless options for your franchise so you are ready to handle this new world and the shift in customer payment practices.