Electronic payment options revolutionized cashless payments world wide. But homosapiens used cashless payments in form of barter since first exchanges happened.

Usage of cash considered complicated in many ways:

  1. Impossible online payments by cash
  2. Cash could be used as virus spreading tool
  3. If lost almost impossible to find
  4. Not resistant to water, fire, insects
  5. Danger of carrying big cash sum
  6. Complicated bookkeeping

Norway. Less than 10% of all transactions done in form of cash and worldwide debates about first cashless country. Online payment gateways protected by law and developed as cost-effective alternative. Options in cashless payment: person-to-person, internet banking, cards, e-wallet, in-app purchases.

United Kingdom. Fast moving towards cashless society but influence of Brexit not yet clear.

India. In Nov 2016 Prime Minister Narendra Modi announced Rs 500,1000 notes ban. 86% of country’s money became illegal. Consequently sharp increase in digital payment, e-wallet, card usage, government owned payment gateways.

Kenya. M-pesa as revolutionary payment mobile platform used for mobile wallet transfers and bill payment. For uneducated population “cash is kind”. It’s true. There is no charges for small payments under 0.71 dollar, no commission charged.Results increase in transactions from 1% to 11%.

Canada. Broad acceptance of PayWave for contactless payment. Inside card integrated chip with antenna which respond to terminal’s request using a 13.56 MHz frequency range. It has pros and cons but most important it save time, prevent from incorrect PIN number.

USA. Average number of credit cards per capita 2.35 and increased addiction to online shopping leads to mostly cashless transactions. Importance of high credit score put extra pressure on citizens. To embrace businesses go cashless Visa launched “Cashless Challenge” gave 10000 dollars to 50 small businesses if they agree became absolutely cashless.

Australia. Share of cash in consumer payment reduced from 70% to 39% in 9 years. Unlike in USA where customers prefer to use credit card, in Australia customers prefer debit card and spend that money which they already earned.

South Korea. Acceptance of crypto currency and blockchain technology: Bitcoin, Ripple, Ethereum.

China. WeChatPay made revolution in-app payments and projected it as a basic necessities for majority of population in big cities who don’t carry wallet with cash. Alibaba online shopping comforted consumers about online transactions. Economic boom encouraged citizens to start using cards and e-wallets without fear of loosing or theft as cyber security one of priority of government.

Printing, distributing of cash comes in extra cost for government. As government of any country does everything to eliminate unnecessary expenses.Cash is first to eliminate towards digital payment. Payment in cash mostly for tax skipping and influence on national budget deficit.

Future is cashless.

By my-financial-wealth.com

Trader, blogger, traveler

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