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|
|3||United Arab Emirates||63%||1,000|
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.
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.