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Over the last ten years, cash payments have been in a free fall and experts predict that by 2030, they could make up for just 10% of monetary transactions.

The solution? According to Professor Katrin Tinn, if the Bank of Canada began issuing digital currency equivalent to cash, we could see a number of upsides. Notably, the use of this digital currency, unlike credit or debit, would come at no cost to the vendor or the consumer. Currently, retailers are charged anywhere between 1.5% and 4.0% of the net transaction value to accept payment via credit card, which often leads to increased product pricing as the vendor must make up for this service charge.