CEO Insights Team, 0
Interestingly, India tops the list of countries most in favour of a cashless society with 79 percent. Next stood Malaysia with 65 percent, finds the latest analysis of data from YouGov by Money Transfer.com. UAE stood third with 63 percent, sharing the spot with Indonesia. The study further finds that Vietnam (60 percent) and Singapore (56 percent) are among the countries where over 55 percent of citizens are in favour of transitioning towards a cashless society, respectively in fourth and fifth position, while Italy is the highest-ranking European country in joint sixth place along with Philippines, as 52 percent of the Italians think going entirely cash free would be a great decision for their country.
However, the more surprising country is the US that stood jointly with Sweden at 15th position, as just 24 percent of Americans feel a cashless society would be a good thing for their country.
The Advantages Of Cashless Transactions Are Many, Like Being Good For The Environment Due To Less Resources Wasted On Money Production, Quicker & More Convenient Mode Of Payment That Require Zero Contact And More
While the advantages that cashless transactions bring to the front are many, including it being good for the environment due to less resources wasted on money production, quicker and more convenient mode of payment that require zero contact and more the disadvantages cannot be ignored either. Some of them are less interaction between individuals, susceptible to IT failure and cyberattacks, threatening the high street due to the increase in online shopping, harder to budget and more.
But despite the war between adopting or not, the bottom line is that in a fast moving digital world, it seems inevitable to gravitate towards predominately digital forms of currency. By understanding the stance different countries take on this subject, it is anticipated that the countries will most likely roll out cashless payments in the near future. Socio-economic factors dictate the reasons for demonstrated desire or resistance towards the implementation of electronic forms of payment, and for obvious reasons, this differs country to country.