Reni Odetoyinbo was one of the millions of Canadians effected by the nationwide Rogers Communication Inc. outage on July 8.
Given the Rogers outage, however, she plans to start keeping $100 in cash in her wallet at all times and a few hundred dollars at home. And, since some banks reported issues with ATM services, Odetoyinbo is also thinking she might want to keep some of her money with a traditional bank that has a physical location. Right now, her finances are dispersed among no-fee digital banks.Article content
“Think about an emergency where telecommunication is cut off and perhaps your electricity is out. You don’t have access to emergency services. What might you need to be able to get by in that kind of situation to support yourself for a few days?” “If the power goes out or if there’s a run on the banks and they have to close their doors for a few days, if there’s a cyberattack on a retailer or financial institution from hackers or on a country’s internet system from say a hostile foreign government, the digital economy may be severely affected but cash will still work.”Article content
Younger consumers, who engage in more high-risk activities and think they’re more impervious to harm, are more likely to forgo cash and use Apple Pay and other means of digital payment, Cleveland said. They grew up with technology and are less skeptical about it, so they may not place as much priority on cash as a backup.
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