Cash is still a king, and with demonetisation, the world turns upside down. While much has changed about how we make, sell, and buy goods, cash has been a medium.
It's been nearly 300 years that paper money has become a legal tender. However, can you imagine that there are nations that have gone cashless?
Here, in this article, we are about to share the list of countries that have almost gone cashless.
The cost of handling liquid cash is high. It is in the interest of the governments or banks and even businesses to push for the change towards being cashless.
Also Read: Why Indian Currency Has Gandhiji's Picture?
Hence, check out the list of the countries that are really making a move toward becoming cashless. A great move indeed!
Cash transactions are down to just three per cent of the national economy. It is the closest developed country to achieving a cashless society. There's a card reader for everything, even for donations!
Though this nation is one of the poorest countries of Africa, it is moving ahead to be a cashless country. Cash here is disappearing, and there is no need for credit cards. How cool is it that even the street vendors accept payments by mobile phones!
The biggest African user of mobile money is Kenya. Online banking wallets play a major role in this nation. From receiving salaries, to paying bills or even school fees, the liquid cash is slowly disappearing.
Canadian currency is no longer being printed. This is due to a decrease in demand for new bills. Apart from this, the other reason is that the plastic bills have a longer life expectancy!
Belgium is one of the most advanced countries in the cashless world. The citizens of this nation use digital payment wallets. An interesting fact about this nation is that the government has imposed a limit on cash payments, limiting it to 3000 euros only!
France has been actively focused on payments innovation and going cashless. It has been working on getting new solutions to the markets with proposals like mobile payments or contactless cards.
Though there are a few locations in the UK where cash is the only means of payment, this nation is steadily moving ahead in the direction of going cashless. About two-thirds of the UK population is aware of mobile payments, which is making the goal easier of going cashless!
With so many nations going cashless, we wonder when India would join this league too!