>

India ranks No.1 in the cashless society

Share

India’s digital payments in India touches a newer height, and India is now positioned as the No.1 position in the cashless society as 79% of Indians believe going cashless would have a positive impact on their country and 47% of Indians have paid in cash less often since the Covid-19 outbreak.

 

The official NPCI-backed UPI system, have been showing huge spike, especially in the Covid-19 world for obvious reasons. The present government is also backing aggressively the drive for digital economy as rivals of NPCI are also now being developed. A question is on why India is in the favour of a cashless society ?

 

Furthermore, 47% of Indians have paid in cash less often since the Covid-19 outbreak. Whereas, Malaysia (65%) is on number second followed by UAE (63%) and Indonesia (63%) are among the other countries where over 60% of citizens would welcome their countries transitioning to just electronic payments, the survey said.

 

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.

 

Let’s discover on which countries in the world would most be in favour of a cashless society. Many 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 favour of transitioning towards a cashless society, respectively in fourth and fifth position.

 

Italy is the highest-ranking European country in joint sixth place (alongside Philippines), as 52% of Italians think going entirely cash free would be a great decision for their country.

 

Interestingly the United States is joint 15th (alongside Sweden), as just 24% of Americans feel a cashless society would be a good thing for their country.

 

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, as per https://moneytransfers.com/ who commissioned the data.

Share