Over the next year and a half, Alan Bekerman plans to grow his healthy fast-food chain Iq Food Co. from five to up to 11 locations and not a single one will accept cash.
"It was one less thing that we had to think about, which is a huge benefit," says Bekerman, who tested the idea at two locations last year before expanding the pilot to all five of his Toronto eateries.
He's one of a growing number of retailers who believe shunning cash helps customers as it speeds up service and frees up staff to focus on less mundane tasks.
It's a choice some in the industry say is likely to become more commonplace as tap-and-pay cards and digital wallets increasingly replace bills and coins.
It's something DavidsTea co-founder David Segal is banking on, after recently opening the doors to his Mad Radish restaurant venture where he has a no-cash policy in place at both Ottawa locations.
"I just feel like the benefits are enormous and so why not try it?" says Segal, who aligns faster service with better customer experience.
"Cash is significantly down as a preferred payment device," says Angela Brown, CEO of Moneris Solutions.
In the second quarter of 2017, 39.5 per cent of payment transactions used tap-and-pay methods, according to data from the debit and credit payment processor. That's up from 30.86 per cent the year before. Moneris predicts that figure will jump to 50 per cent by the end of the year.
Last year, the company predicted cash purchases will compose only one-tenth of all money spent in Canada by 2030.
Toronto, July 25, 2017— Living in rural households decreases a person’s risk of developing inflammatory bowel disease (IBD), particularly for young children and adolescents, according to a new study by researchers at the Institute for Clinical Evaluative Sciences (ICES), Children’s Hospital of Eastern Ontario (CHEO) Research Institute and the Canadian Gastro-Intestinal Epidemiology Consortium (CanGIEC).
New Brunswick's medical society is launching a public education campaign on the health risks associated with marijuana consumption less than a year before it becomes legal in Canada.Society president, Dr. Lynn Murphy-Kaulbeck, says the legalization of marijuana doesn't make it safe and there are risks, particularly for younger people.