In Canada, Pay with Cash and Plastic at the Same Time!

What's Next In Payments®
8:20 PM EDT March 25th, 2012

An innovation in cash announced last July is coming to fruition on Monday, as the Bank of Canada begins circulating its new polymer $50 and $100 notes to replace cotton-paper money.

“This is a big change for Canadians, and it’s a positive change,” the bank said in July. Notably, the polymer notes offer better security (easier to check, harder to counterfeit), are more durable (could last 2.5x longer than cotton cash), and are easier to recycle.

Perhaps most importantly, the Bank of Canada says the new notes will “reflect Canada’s spirit of innovation.” Here here!

At a press event scheduled for 1 p.m. on March 26, the Bank of Canada will make the $50 note available for purchase — but ONLY using cash. Neither credit nor debit cards are welcome at this all-about-cash event, which will be attended by Bank of Canada Governor Mark Carney.

Should you be so inclined, audio and video webcasts of that event will be available from the Bank of Canada’s website.

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