New payment technologies are ushering us into an advent of mobile banking, which may be the end of cash and card payments. Since 2014 futurists predict the end of credit cards and ATMs. Markets develop differently but we want to know, who leads the game when it comes to Cashless Payment Countries, who is advanced in adoption?
Back in 2o17, the polish futurist Piotr Turek stated in an interview that, “in less than five years, smartphones, watches, and other devices will replace credit/debit cards, wallets, lenders, stockbrokers, and insurance agents.”
Samsung Pay, Apple Pay, and Google Pay are making credit cards and wallets already today obsolete. Mobile operators are more seen as a micropayment bank then offering only mobile communication services.
Numerous technology giants are launching mobile payment and banking applications that only require the user to have a smartphone to pay for goods and services. 2016 start-ups pushed on the market for cashless payments, which include B, Starling, and Monzo who raised $1.5 Million in 96 seconds in its crowdfunding session during March 2016.
But not in all markets they succeed the same way. While in the third world country people own and mobile phone but not a house, car or even personal ID, in the developed countries the race is on.
Credit Cards have been a big part of the American way of life for years and that shows no signs of slowing down. as there are nearly 3 credit cards for every person in the states.
Experts believe that some countries will exit cash payments already by 2022, welcome to the era of Cashless Payment Countries. The infographic uses 6 metrics to calculate a score out of 10 for each country. It looks into credit cards per person, amount of debit cards per person, cards issued with contactless functionality, the growth of cashless payments over the last 5 years, payments transaction made using none-cash methods and people aware what mobile payment options they have available to use.
And the winner is Canada, with a slight advantage against Sweden and UK. Allover there might not be a surprise even if we would assume that cashless payments go along with internet adoptions and mobile acceptance. The US landed in place 5 which is a bit a surprise. We know that special in the US the mobile adoption is slower than anywhere else on the world.
While Japan landed in place 9 they are leading with 29% of adoption with contactless credit cards. Looking into the rating all over nobody reached 10 out of 10 or even close to 7.
See the complete infographic from Forex Bonuses below and read all about the World’s Most Cashless Payment Countries. What is your favorite payment method? Share your experience below in our commenting section.