Two in ten Brits would favour a cashless society
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.
- UK rank 14th, as 26% of Brits would welcome transitioning to just electronic payments
- Furthermore, 50% of Brits have paid in cashless often since the Covid-19 outbreak
- 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
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.
MoneyTransfers.com found that India is in the number one spot as an overwhelming 79% of Indians would like to have a cashless society in their country. 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.
| The countries that would most favour a cashless society | |||
| Rank | Country | % That Would Like a Cashless Society | No. of Individuals Surveyed in Country |
| 1 | India | 79% | 1,010 |
| 2 | Malaysia | 65% | 1,135 |
| 3 | United Arab Emirates | 63% | 1,000 |
| 3 | Indonesia | 63% | 2,133 |
| 4 | Vietnam | 60% | 1,103 |
| 5 | Singapore | 56% | 1,056 |
| 6 | Italy | 52% | 1,010 |
| 6 | Philippines | 52% | 1,102 |
| 7 | Thailand | 51% | 2,091 |
| 8 | Taiwan | 48% | 1,041 |
| 9 | China | 46% | 1,023 |
| 9 | Hong Kong | 46% | 1,023 |
| 10 | Australia | 35% | 1,058 |
| 11 | Canada | 32% | 1,009 |
| 12 | Denmark | 31% | 1,010 |
| 13 | Spain | 27% | 1,020 |
| 14 | United Kingdom | 26% | 1,734 |
| 15 | Sweden | 24% | 1,007 |
| 15 | United States | 24% | 1,198 |
| 16 | Germany | 20% | 2,049 |
| 17 | France | 18% | 1,011 |
In second position is Malaysia, where 65% of Malaysians are in support of having a cashfree 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.
The United Kingdom is in 14th place, as 26% of Brits think going entirely cash free would be a great decision for their country.
Furthermore, 50% of Brits admit to paying in cashless often since the Covid-19 outbreak.
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.