April 13, 2015
There are several reasons not to like cash, but ours remains a cash-based world. Consider the journey towards a cashless world: it is like a gradual trek toward electronic payments shaped by local factors. Cash accounts for about 85% of global consumer transactions. This remains true even as much of the world's population is gaining access to a multitude of non-cash options for making payments.
Each of the following countries is an illustration that a true cashless society is indeed possible and that once the relative barriers are eliminated, any country can rapidly switch to cashless payment methodologies. Here are the top countries currently part of the expanding cashless world:
Noncash payments' share of total value of consumer payments: 93%
Percent of population with a debit card: 86%
Belgium has clearly become one of the most advanced countries in the cashless world. ...