And about 1 in 10 Canadians now claims to be entirely “cashless.”1 In some countries, such as Sweden and Norway, the use of cash has declined to a level where merchants are finding it too costly to accept cash, and banks are scaling back their processing services.
I’ll talk later about how we can maintain access to cash, particularly for those “unbanked” or “underbanked” members of our society. In addition to these trends driven mainly by technology, globalization has put the spotlight on cross-border payments. 2/8  BIS central bankers' speeches  Canadians who have family members in other countries often face high costs and long delays in sending them money.