Cashless society growing in popularity

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 favor 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 favor of transitioning towards a cashless society, respectively in fourth and fifth position. 

United States is in joint 15th place (alongside Sweden), as 24% of Americans think going entirely cash free would be a great decision for their country.

Furthermore, 25% of Americans admit to paying in cash less often since the Covid-19 outbreak. 

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.