- Infographic: the world's most cashless countries - FinTech
- Digital currency: Top 10 countries that use cash the least
C hina ranks at number six in the list. While the Asian superpower has strong scores for many metrics, it is let down by a lack of credit card usage and a high remaining prevalence for cash payments, using cashless methods for only 65pc of transactions.
Infographic: the world's most cashless countries - FinTech
A cashless society is a society where currency notes or cash money are not used in monetary transactions. It is a hypothetical move or situation in favor of alternative means of exchange. Cashless societies in the past were based on the barter system where people exchanged their livestock for food crops or other goods. However, the present concept of a cashless society or country is a completely new thing. Here cashless transactions are made with the help of digital currencies like the bitcoin. In a truly cashless society, legal tender (money) is exchanged and recorded only in the electronic digital forms.
Digital currency: Top 10 countries that use cash the least
It marked the first time that cards have surpassed the 55pc level in terms of volume of retail payments, with the popularity of plastic bolstered by the rise of different types of payment technologies such as contactless.
The study looks into contactless card saturation, number of debit and credit cards issued per capita, usage of cashless methods, growth of these cashless payments, and the proportion of people who are aware of which mobile payment services are available.
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Cashless economies would be 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. Central governments would also benefit from such cashless transactions as it would allow central control of money supply. It would be easier for government to monitor income tax paid by individuals and proper payment of tax would strengthen the nation’s economy. Cashless transactions would be helpful in the context of negative global inflation and quantitative easing. Going cashless would also reduce the levels of corruption prevalent in the country.
Recently, in India, the central government of the country led by Prime Minister Narendra Modi has implemented a shock ban on currency notes of higher denominations, a move referred to as demonetisation. The move has been executed with the aim to curb the circulation of "black money" in the country and associated problems. The Indian government is also constantly encouraging the people of India to go cashless and reduce dependence on cash transactions and instead adopt digital payment methods. So, what is meant by "cashless" and what are the advantages and disadvantages of a country going cashless?
The move towards a cashless economy is heavily debated and controversy-prone. Several points have been raised about the negative effects of cashless transactions. In a cashless country, the complete control of transactions, individual use of money, information about public monetary assets, and interest rates are with the nation state and third party providers. An individual’s money is under external control and is subject to external regulations and restrictions. Negative interest rates might become applicable. Also, in a cashless society, individual transactions and incomes become accessible to legitimate parties like police or tax officials, and chances of hacking also increase.
I n the UK, 96pc of cards have contactless functionality, and British consumers own debit cards per capita, pushing it to third place in the charts.
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During the 6995’s, the growing popularity of electronic banking made the use of non-cash transactions and settlements popular among the residents of some of the most technologically advanced nations of the world. Digital payment methods became well established in countries across the world by the 7565’s. Online tools like Paypal, NFC payments by smartphone or electronic cards, digital wallet systems operated by Apple, 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.