Asian countries are much more in favor of a cashless society. In Europe, only Italy embraces the idea at the level of the majority of the population.
India is the country most in favour of a cashless society as 79% of Indians believe going cashless would have a positive impact on their country. Interestingly, just 24% of Americans think going entirely cash free would be a good thing for their country and only 18% of French citizens would welcome their country being entirely dependent on electronic forms of payment.
The argument for a cashless society has been around for a while, but the rapid rise of the Coronavirus crisis has intensified the debate again amid concerns about banknotes and coins transmitting the virus.
In addition to this, the increasing decline of high street bank branches and ATMs has made the possibility of a cashless society in the next few years more likely than ever before.
Interested in financial transactions, MoneyTransfers.com analysed the latest data from YouGov, to discover which countries in the world would most be in favour of a cashless society.
MoneyTransfers.com found that India is in number one spot as an overwhelming 79% of Indians would like to have a cashless society in their country.
In second position is Malaysia, where 65% of Malaysians are in support of having a cashless society in their country.
The United Arab Emirates (UAE) and Indonesia are in joint third place, as 63% of citizens in each respective country believe becoming cashless will have a positive impact on their society and economy.
Vietnam (60%) and Singapore (56%) are among the other countries where over 55% of citizens are in favour of transitioning towards a cashless society, respectively in fourth and fifth position.
Italy is the highest-ranking European country in joint sixth place (alongside Philippines), as 52% of Italians think going entirely cash free would be a great decision for their country.
Interestingly the United States is joint 15th (alongside Sweden), as just 24% of Americans feel a cashless society would be a good thing for their country. At the other end in 17th position is France, where only 18% of French citizens would welcome their country being entirely dependent on electronic forms of payment.
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A total of 25,823 individuals were surveyed for the research.
Electronic forms of money refer to debit cards, credit cards, Google pay, Apple pay and other forms of electronic payment methods.
For full details into the research please see: https://moneytransfers.com/the-countries-most-likely-to-support-a-cashless-society
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
