MoneyTransfers: Philippines 6th Most in Favor of Cashless Society; India 1st

Twitter: @edd1819, Instagram: @bluestar0910, Facebook: SDN — Science, Digital & Current Affairs

Quick look at MoneyTransfers.com’s analysis of YouGov’s data on countries harnessing cashless transactions

  • India is the country most in favour of a cashless society as 79% of Indians believe going cashless would have a positive impact on their country
  • Malaysia (65 percent), UAE (63 percent) and Indonesia (63 percent) are among the other countries where over 60 percent of citizens would welcome their respective countries transitioning to just electronic payments
  • Interestingly, just 24 percent of Americans think going entirely cash free would be a good thing for their country
  • Philippines ties Italy at No. 6 with 52 percent of their citizens in favor of digital payments.

By EDD K. USMAN

Surprised? Maybe not.

(SDN) — India is at the summit of the global ranking of countries in favor of a cashless society.

The Philippines ranked 6th in the list; Malaysia is second most in favor and No. 1 in the list among countries in Southeast Asia.

These figures are contained in the results of an analysis that MoneyTransfers.com conducted from YouGov’s latest data, an email reaching SDN — Science & Digital News showed.

Apparently, as experts have been saying, digital transformation among countries has been hastened by the coronavirus pandemic, specially with aversion for physical contacts brought about by health protocols, wearing of face masks/face shields, hand washing, and social distancing.

In fact, the Philippines National Economic and Development Authority (NEDA) pointed to a report NEDA co-released with the World Bank titled “A Better Normal Under Covid-19: Digitalizing the Philippine Economy Now.”

The report emphasizes the “use of digital technologies such as digital payments, e-commerce, telemedicine, and online education, is rising in the Philippines and has helped individuals, businesses, and the government cope with social distancing measures, ensure business continuity, and deliver public services during the pandemic.” Not to mention restrictions of movement occasioned by quarantines and lockdowns.

Philippines at 6th place in list of countries favoring cashless society.
Cashless or electronics transactions are rising boosted by the pandemic health protocols. Paper money is still being used, but many now into digital payments. (Image: SDN — Science & Digital News)

Here’s the contents of the email that Journalistic.org sent to SDN.

The argument for a cashless society has been around for a while, but the rapid rise of the Coronavirus crisis has intensified the debate again amid concerns about banknotes and coins transmitting the virus. In addition to this, the increasing decline of high street bank branches and ATMs has made the possibility of a cashless society in the next few years more likely than ever before.

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

MoneyTransfers.com found that India is in number one spot as an overwhelming 79% of Indians would like to have a cashless society in their country.

In second position is Malaysia, where 65% of Malaysians are in support of having a cashless society in their country.

The United Arab Emirates (UAE) and Indonesia are in joint third place, as 63% of citizens in each respective country believe becoming cashless will have a positive impact on their society and economy.

Only 24 percent of Americans favorable to cashless society

Vietnam (60%) and Singapore (56%) are among the other countries where over 55% of citizens are in favor of transitioning towards a cashless society, respectively, in fourth and fifth position.

Italy is the highest-ranking European country in joint sixth place (alongside Philippines), as 52% of Italians think going entirely cash free would be a great decision for their country.

Interestingly the United States is joint 15th (alongside Sweden), as just 24% of Americans feel a cashless society would be a good thing for their country.

At the other end in 17th position is France, where only 18% of French citizens would welcome their country being entirely dependent on electronic forms of payment.

A total of 25,823 individuals were surveyed for the research. A breakdown for the number of people surveyed per included country is attached within a separate Microsoft Excel file.

Electronic forms of money refer to debit cards, credit cards, Google pay, Apple pay and other forms of electronic payment methods. (✓)

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Featured image of cashless payment credit and thanks to Naipo.de on Unsplash.

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