Canadian consumers flocked to automatic banking machines to take out wads of cash in mid-March, amid worries about economic uncertainty as COVID-19 spread and restrictions were imposed, but ABM transactions dropped off steeply by April, the  latest  Scotiabank Economics' analysis of customer retail transaction data shows. Months later, Canadians’ usage of ABM machines remains lower than last year’s levels with no sign of a turn-around. As more people started working from home, and activities such as shopping have increasingly moved online, electronic payments have increased drastically compared to 2019. 

 

Read the latest Scotiabank Economics report here.