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.

cashlessFurthermore, 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.