India is number one country to support a cashless society

• UAE is ranked third to exclusively use electronic forms of money.
• Many respondents in the worldwide survey stated they would only be swayed away from physical currency when making a “very expensive purchase”.

The number of people making cashless payments has soared over the last decade but Covid-19 has given it a further boost.

The rapid 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.

MoneyTransfers.com, after analysing the latest data from YouGov, found that India is in number one spot, as an overwhelming 79 per cent of respondents would like to have a cashless society in their country. 

Out of these individuals, 21 per cent stated they would use cashless payment even on small purchases, like buying a pack of chewing gum. 

Although India was the most welcoming of going cashless, only 47 per cent of survey-takers have used cashless often since the coronavirus outbreak. However, this may be because the focus on cashless means was already solidified before the outbreak.  

Coming in second place is Malaysia as 65 per cent of residents had confidence that cashless was the way to go. Not far behind are the UAE and Indonesia, where 63 per cent of individuals surveyed were welcoming of the idea of exclusively using electronic forms of money. 

Furthermore, 52 per cent of citizens from UAE admit to paying in cash less often since the Covid-19 outbreak. 

French natives struggle to find enthusiasm

Of the remaining countries in the top 10, over half of participants in Vietnam, Singapore, Italy, the Philippines, and Thailand would opt for a credit card, mobile wallet, or another cashless method when making a very expensive purchase, such as buying a new electronic device, thus voting in favour of a cashless society. 

Interestingly the United States is joint 15th (alongside Sweden), as just 24 per cent 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 per cent of French citizens would welcome their country being entirely dependent on electronic forms of payment.  

Not every country is largely in favour of an entirely cashless society. Many respondents in the worldwide survey stated they would only be swayed away from physical currency when making a “very expensive purchase”.

Respondents from China and Hong Kong were on the fence about going fully cashless; in both countries just under half (46 per cent) of respondents said they felt positive about the thought of going cashless.

Interestingly, three-quarters of those surveyed from China find it easy to access cash from a free ATM, which may explain their preference. 

Positivity plummets in Australia, with only 35 per cent of respondents welcoming a cashless society. Canada is not far behind either, with only a third (32 per cent) of respondents preferring to ditch their coins. 

Denmark, Spain and the United Kingdom follow behind, with 31 per cent, 27 per cent and 26 per cent of respondents “happy” about turning cashless, respectively.

In fact, the analysis found that most individuals surveyed from these European countries expressed they would not use an electronic form of payment on a cheap purchase. 

However, it was France at the very bottom of our list, with French natives struggling to find enthusiasm about the idea of becoming a cashless society. Germany (20 per cent) followed closely behind with 20 per cent of nationals welcoming of a cashless society, and the US and Sweden after that (24 per cent).