Which country is striving for a cashless future, These countries are at the forefront of the cashless and paperless transaction revolution, and others are sure to follow in their footsteps. The benefits of cashless and paperless transactions are numerous.
These are some of the countries that are leading the way towards a cashless future.
The top 10 countries that are making the switch to paperless and cashless transactions are
Sweden: The first country to issue banknotes, but now one of the leading countries to use mobile payments. It is estimated that cash could be obsolete by 2024.
Finland: A small population of around 5.5 million, but a high adoption of electronic payments. It has the highest number of card payments per capita in the world.
China: A huge population of over 1.4 billion, but a rapid growth in digital payments. It has the largest mobile payment market in the world, with platforms like Alipay and WeChat Pay dominating the scene.
South Korea: A technologically advanced country that has a low reliance on cash. It has the highest penetration of contactless cards in the world, and aims to become a cashless society by 2030.
United Kingdom: A major financial hub that has a strong preference for cashless payments. It has the highest number of contactless card transactions in the world, and also a thriving fintech sector.
Australia: A country that has a high usage of cards and mobile payments. It has one of the lowest cash circulation rates in the world, and also a high adoption of instant payments.
Netherlands: A country that has a high level of trust in electronic payments. It has one of the highest rates of debit card usage in the world, and also a low cash withdrawal rate.
Canada: A country that has a high acceptance of cashless payments. It has one of the highest rates of credit card usage in the world, and also a high adoption of mobile wallets.
France: A country that has a high regulation of cash transactions. It has one of the highest rates of card payments in the world, and also a high usage of contactless cards.
Japan: A country that has a high potential for cashless payments. It has one of the highest rates of cash circulation in the world, but also a high penetration of smartphones and QR codes.
What is the use of this?
Business expenses will decrease
More convenience for consumers
Reduced risk of fraud
Reduced environmental impact
As more countries transition to a cashless society, expect even more benefits to emerge.
