COVID Drives Cashless Transactions


The rapid rise of the coronavirus crisis has intensified the debate over a cashless society 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, says MoneyTransfers.com. In looking at which countries in the world would most be in favour of a cashless society, it found India is in number one spot as an overwhelming 79 per cent of Indians would like to have a cashless society in their country. In second position is Malaysia, where 65 per cent of Malaysians are in support of this. Canada ranks 11th, as 32 per cent of Canadians would welcome transitioning to just electronic payments. Furthermore, 49 per cent of Canadians have paid in cash less often since the COVID-19 outbreak. Interestingly, just 24 per cent of Americans think going entirely cash free would be a good thing for their country.