How the World is Going Cashless

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Do you carry more cash than the average person?

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How Much Cash People Carry on Average

40% 29% 12% 5% 2% 9% 2% Between $20-$50 Between $50-$100 Between $100-$250 More than $250 Don’t carry cash Don’t know/ Refused Less than $20 statistics

Women Carry Less Cash Than Men

Less than $10

WOMEN
MEN

More than $100

WOMEN
MEN

Time Finding your change

IRRITATED PEOPLE

How The World is Going Cashless

  • Canada

    Canada

    57% of consumers pay transactions using non-cash methods.

    As of January 1st 2013, no more new Canadian bills have been printed.

  • Unites States

    United States

    45% of consumers pay transactions using non-cash methods.

  • USA & Canada

    USA & Canada

    134.2 billion cashless transactions were made in US and Canada in 2013.

  • Latin America

    Latin America

    36.6 billion cashless transactions were made in 2013.

  • Brazil

    Brazil

    15% of consumers pay transactions using non-cash methods.

  • Spain

    Spain

    16% of consumers pay transactions using non-cash methods.

  • France

    France

    59% of consumers pay transactions using non-cash methods.

  • Belgium

    Belgium

    56% of consumers pay transactions using non-cash methods.

    In Belgium there is a limit of €3,000 cash payment limit.

  • Netherlands

    Netherlands

    60% of consumers pay transactions using non-cash methods.

  • Germany

    Germany

    33% of consumers pay transactions using non-cash methods.

    88% of the German population have a debit card.

  • Europe

    Europe

    91.4 billion cashless transactions were made in 2013

    An estimated 121 billion non-cash payments are predicted to be made by the end of 2015, with this number increasing to 177 billion by 2020.

  • Sweden

    Sweden

    59% of consumers pay transactions using non-cash methods.

    Four out of five purchases are now made electronically.

  • South Africa

    South Africa

    South Africa and Kenya have the most significantly adopted cashless payment system in Africa.

    43% of South Africans and 27% of Kenyans have adopted the cashless system.

  • Mature Asia-Pacific

    Mature Asia-Pacific

    37.5 billion cashless transactions were made in 2013.

  • CEMEA

    CEMEA

    36.3 billion cashless transactions were made in 2013.

  • Emerging Asia

    Emerging Asia

    29.6 billion cashless transactions were made in 2013.

  • Singapore

    Singapore

    61% of consumers pay transactions using non-cash methods.

  • Australia

    Australia

    35% of consumers pay transactions using non-cash methods.

  • China

    China

    10% of consumers pay transactions using non-cash methods.

  • South Korea

    South Korea

    29% of consumers pay transactions using non-cash methods.

    South Korea saw the share of cash move from 40% to 25% between 2002 and 2006.

  • Japan

    Japan

    14% of consumers pay transactions using non-cash methods.

svg map

Denmark is on the verge of going cashless

  • no1 no1

    Leader of the global trend of a cashless society.

  • 40% 40%

    Nearly 40% of it’s population uses Danske Bank’s MobilePay.

 
2012
  • 40%

    84.2% of transactions were made using cards.

  • 40%

    The Danish government has said retailers, restaurants and petrol stations should not be legally bound to accept cash by January 2016.

The Pros and Cons of a Cashless Society

  • pros
  • Security

    The technology used to go cashless can offer potential security benefits such as it’s easier to shut down a remote wallet if it gets stolen and cashless options such as Apply Pay use your finger print which is hard to replicate.

  • Convenience

    Going cashless eliminates the need to carry cash and payments can be made with the tap of a card/ smartphone.

  • Losing things

    Losing your cash or your credit cards will be a thing of the past.

  • cons
  • Hackers

    Hackers would-be thieves are undoubtedly working on hacking techniques in the anticipation of a cashless future.

  • Failure Rates

    Cashless payments options such as Apple Pay, rely on biometrics which are extremely clever but no-where near perfect.

  • Technology

    If you’re relying on Apple Pay and your phone runs out of battery you wouldn’t be able to pay.

Cashless payment methods

  • 5 tips
  • 1. Digital Wallets

    An app that can be downloaded onto your phone and linked to your banks account. You can then tap your smartphone onto an accepting card terminal at a checkout. A new example of this is Apple Pay, whilst Google Wallet has been around since 2011.

  • 2. Contactless Debit Card

    Banks now supply contactless debit cards, which allow you to tap your card onto a checkout reader to pay for products. This avoids the necessity of entering your pin number.

  • 3. Use Your Phone Number

    Some banks now allow you to transfer money to a person, just by using their mobile number. You use your banking app to pay someone without the need for cash or account numbers.

  • 4. Transfer via Email

    If you and the person you’re sending money to have a Gmail account and Google Wallet, you can now send money as an attachment on their email.

  • 5. Prepaid Debit Cards

    Allows to uou load funds onto a prepaid card, meaning you can only use the amount of money that you have loaded onto the card.

Choice Loans logo Brought to you by Choice Loans - Specialists in Merchant Cash Advances

Sources

http://www.mmhayes.com/wp-content/uploads/2013/07/how-much-cash-infographic.jpg http://www.fastcompany.com/3019832/fast-feed/how-much-cash-is-in-your-wallet-probably-less-than-20 http://www.bankrate.com/finance/consumer-index/financial-security-charts-0514.aspx http://www.washingtonpost.com/blogs/wonkblog/wp/2014/05/12/whats-in-your-wallet-probably-not-cash/ http://www.paymentsuk.org.uk/sites/default/files/publication-free/Payments%20UK_UK%20Cash%20and%20Cash%20Machines%20Summary.pdf http://www.bbc.co.uk/news/business-32778196 http://www.theguardian.com/money/2013/aug/19/card-payments-overtake-cash-transactions http://edition.cnn.com/2014/07/02/business/is-a-cashless-society-on-the-cards/ http://www.totalpayments.org/2013/07/08/top-5-cashless-countries/ http://www.cnbc.com/2014/11/20/the-worlds-most-cashless-countries.html?slide=11 http://www.mastercardadvisors.com/_assets/pdf/MasterCardAdvisors-CashlessSociety.pdf http://money.cnn.com/2015/06/02/technology/cashless-society-denmark/ http://www.independent.co.uk/news/world/europe/denmark-moves-closer-to-a-cashless-society-10231995.html http://www.cnbc.com/2015/05/15/this-country-is-trying-to-go-cash-free.html http://fortune.com/2015/05/22/denmark-paper-money/ http://www.hongkiat.com/blog/mobile-payment-systems/ https://blog.moneyadviceservice.org.uk/is-cash-on-the-way-out-see-our-top-10-ways-to-go-cashless http://www.moneycrashers.com/biometrics-cashless-society/ http://apecsec.org/cashless-society-pros-and-cons/ http://www.statista.com/statistics/265767/number-of-cashless-transactions-worldwide-by-region/

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