Are we ready for a 'cashless' society?

The argument for a cashless society has been around for a while, but the coronavirus crisis has intensified the debate again amid concerns about banknotes and coins transmitting the virus.

Interested in financial transactions, MoneyTransfers.com analysed the latest data from YouGov, to discover which countries in the world would most be in favor of a cashless society.

Some of the highlights from the research include:

United States rank joint 15th, as 24% of Americans would welcome transitioning to just electronic payments

25% of Americans have paid in cash less often since the Covid-19 outbreak

India is the country most in favor of a cashless society as 79% of Indians believe going cashless would have a positive impact on their country

Malaysia (65%), UAE (63%) and Indonesia (63%) are among the other countries where over 60% of citizens would welcome their respective countries transitioning to just electronic payments

A total of 25,823 individuals were surveyed for the research, 1,198 from United States.