The evening of 8th November was one of the most surprising evening for all Indian, as they found that P.M. Modi has announced the controversial decision to ban the 500 and 1000 Rs notes. The economical view to this decision has divided in to two groups. In spite of a primary shock, we are trying to adjust ourselves with this changing situation. We are going through an era of change, the change from 98 % cash economic transactions to cashless transaction. Though there is a debate about the success of the decision, but we have already take the first step to being a cashless country.
India is not the first one to encourage the plastic payment and mobile wallets in all over the country, some developed and developing countries have already established the trend. Here we have prepared the detailed list of top 5 cashless countries in the world.
When we are talking about the cashless transaction, Belgium picks the first spot in the row. The recent study shows that non-cash payments account for 93% of the total value of consumer payments in Belgium, which makes Belgium the most elevated country in the world for cashless payments. This is the effect of so many factors like most of the Belgians are nearly entirely urban, and for a number of years their government gives priority to payments systems efficiency. Actually Belgium is one of the world`s leading experts on payments systems. 96% of the Belgian population have Bank account and 86% of the population carries a debit card. Government has forced a limit on cash payments of 3000 euros in the country and cash payment is not allowed in case of real estate. The Sixdots mobile apps are widely used in Belgium for transaction.
- France :
The second one in the list is France. An average of 92 % of total population are going with cashless transactions. The French uses different cashless payment methods like card payments, bank transfers, Direct Debits, Inter-bank Payment Orders (TIP), Electronic Payment Orders, Cheques, Bills of Exchange, Promissory Notes etc. 69 % population of France uses debit cards and 97 % of French are enrolled as banked population. So they have made their country Cashless by making progress in replacing cash with non-cash transactions.
Almost 90 % of all transactions of the country have become cashless in Canada. This trend was begun from the 1st January, 2013 when the Government printed the new currency and there was lack of demand of the new one among the Canadian. A big percentage of Canadian conduct the payments through cards, so the card transaction occupies 70 % of total transaction. That leads the country to the world leader in cashless payment.
- United Kingdom:
Can you imagine, in an average a British carries only 18 pound cash with him. They have no need of cash, as an average of 89 % transactions of total is happen through cashless in Britain. The most plastic transaction zone is transportation in UK. In London you must have to carry cards with you because cash is banned for riding on London buses science 2014. The highly popular mobile payment system in UK is Paym. Most of the population are habituated with mobile transactions.
Sweden is one of the fastest country to being a cashless one. They also increased their cashless transaction to 89 % of total transaction. In every step of daily life from transportation to donation Swedish are going with cards. In a recent survey it comes out that very few Swedish Krona (Swedish currency) is in circulation in market. The banks have stopped dealing in cash which causes the minimization of bank robbery.
These are the top 5 cashless countries in the world. Apart from these, some African country like Somaliland, Kenya and Asian country like South Korea are also in the top 10 list of cashless transaction.