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Top Cashless Countries in the World

September 11, 2017, 09:30 AM
By: Sharyl Constine
Topic: Miscellaneous Topic

During the 1990’s, the growing popularity of electronic banking made the use of non-cash transactions popular among residents of some of the most technologically advanced nations of the world. By the 2010’s, digital payment methods became well established in countries across the world. NFC payments by smartphone or electronic cards, Online tools like Paypal, digital wallet systems, electronic banking and bill payment systems helped people make cashless transactions online. Some countries even started to set limits on transaction values that can be used for non-electronic payments to encourage cashless transactions.

Today, in most developed countries across the world, residents rely more heavily on cashless transactions than traditional currency. One recent study showed that more than a third of Europeans and Americans would be happy to go without cash and rely on electronic forms of payment if they could, and at least 20 percent already pretty much do so. According to the survey, 34 percent of respondents in Europe and 38 percent in the United States said they would be willing to go cash-free.

India is a country where 98 percent of its economic transactions are done through cash. However, this may no longer be the case in future as the Indian government has already steered the country towards cash less society. Recently, the central government of India led by its Prime Minister implemented a move referred to as demonetization. The main aim of this move was to restrain the circulation of black money in the country. The Indian government is also encouraging its people to adopt digital payment methods which would allow them to go cashless and reduce dependence on cash transactions.

Overall, cashless economies are helpful to the global economy. Since cash is the primary mode of transactions in money laundering and terrorism financing, a cashless society would discourage such laundering and terrorism. It would also make easier for governments to monitor income taxes paid by individuals which would strengthen the nation’s economy. The following countries illustrate that a cashless society is indeed possible and that once the relative barriers are eliminated, any country can rapidly switch to cashless payment. Here are the top countries currently part of the expanding cashless world: Belgium, France, Canada, The United Kingdom, Sweden, Australia, Netherlands, and the US.

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