Which is the cash free country in the world? - letsdiskuss
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Abdul Razzaq

Blogger | Posted on | Share-Market-Finance

Which is the cash free country in the world?


Financial analyst (Mudra finance company) | Posted on

When we talk about the countries who have successfully ditched the cash, we talk about six main metrics:

(i) The number of credit card per person.

(ii) The number of debit cards per person.

(iii) The cards in issue that have contact less functionality.

(iv) The growth of cashless payments over the past five years.

(v) Payment transactions made using non-cash methods.

(vi) The number of people that are aware of what mobile payments options they have available to use.

Now, based on these metrics, Forex Bonuses conducted a survey of world’s top 20 economies, out of which only 10 made to the rankings.

The ranking was topped by Canada as its citizens have more than two credit cards per person, and other payments there are done through other cashless payment methods.  

Sweden was the second in line based on points fifth and sixth mentioned above.

These two countries are followed by the UK, France, the USA, China, Australia, Germany, Japan, and Russia, according to the ranking.

As per recent news, “Debit, credit and charge cards were used for 10.3bn transactions in the UK in 2016, a rise of 5pc on 2015, giving plastic a 54pc share of all retail payments by volume, according to the figures from the British Retail Consortium (BRC) in July.”

So these ten are the only countries in the world which are standing somewhere when it comes to going cashless.


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