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Will Canada Be the First Country to Go Cashless? U.K. Survey Suggests It’s Likely

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Coins and banknotes may soon be a thing of the past as more Canadians choose to go cashless in favour of contactless payment options like credit cards and mobile wallets — a trend accelerated by the COVID-19 pandemic.

Thankfully, Canada supports the technology and infrastructure to allow people across the country to adapt. As a result, a recent money.co.uk study recognized Canada for having the most cashless economy in the world as of May 2021.

The report ranked each country using a score based on contactless payment limits, the number of major e-wallet operators available, the number of automated teller machines (ATMs) per 100,000 adults, and the percentage of those aged 15-plus with debit and/or credit cards.

Canada topped the chart with a score of 79.1 out of 100, which may come as a surprise to some. However, an estimated 83% of the population own a credit card in Canada — the highest usage in the world. Not only that, but Canadian cardholders can also access the highest contactless payment limit at C$250, more than any other country.

The world’s leading cashless countries
CountryScore out of 100
1. Canada79.1
2. Hong Kong76.8
3. Singapore76.2
4. New Zealand75.0
5. Japan74.1
6. Australia72.3
7. Norway72.2
8. United Arab Emirates72.1
9. Switzerland70.9
10. Finland70.0

The pros and cons of going cash-free​

While electronic payments can have advantages like reducing fraud and money laundering, digital transactions also have downsides. money.co.uk lists potential pros and cons to ditching the banknote.

Pros:

  • Digital records can reduce fraud and criminal activities.
  • Contactless payments are convenient for everyday purchases and travelling abroad.
  • Forgoing cash can save time and resources, reducing transportation, handling procedures and storage of money.
Cons:

  • Vulnerable people and those unfamiliar with technology may be without payment options.
  • Glitches and outages can cause issues when people are too reliant on technology.
  • Cyberattacks pose a threat in the electronic world; no one is safe from fraud online.
  • Cashless payments have an ease of use that can lead to overspending and mismanagement of finances.
With the invention of cryptocurrency, non-fungible tokens (NFTs) and other digital assets, there is no telling where electronic payments will lead. As of now, cashless societies seem like the way forward, but only time will tell how and when countries will meet this historic milestone.

 

Tshering22

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I thought China is the first country that is almost cashless already long before. Someone here said that over 80% of the transactions are done through Alipay and WECHAT.

Can @beijingwalker confirm this number? By when does China plan to go 100% cashles with the introduction of Digital Yuan? Thanks!
 

Beast

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I thought China is the first country that is almost cashless already long before. Someone here said that over 80% of the transactions are done through Alipay and WECHAT.

Can @beijingwalker confirm this number? By when does China plan to go 100% cashles with the introduction of Digital Yuan? Thanks!
Typical western journalism who think the world revolve around western pro countries only.

That chart is the same 2019 pre pandemic chart ranking of countries best to handle such situations.

bK-RLi3zmyr_P9JO6Afm7tpLOZDiO_kzPwrnjhm8o40.jpg
 

beijingwalker

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I thought China is the first country that is almost cashless already long before. Someone here said that over 80% of the transactions are done through Alipay and WECHAT.

Can @beijingwalker confirm this number? By when does China plan to go 100% cashles with the introduction of Digital Yuan? Thanks!
I don't know how accurate this report is, but I haven't seen cash for years in China, many don't even remember what real RMB look like already.
 

tower9

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Let's just pretend China doesn't exist.

China is by far the most cashless society and is the most consequential. This article is a joke. The hate and jealousy is real, loser mentality.
 

Apollon

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Let's just pretend China doesn't exist.

China is by far the most cashless society and is the most consequential. This article is a joke. The hate and jealousy is real, loser mentality.

Hate and jealousy?

A cashless country is a slave country. As long i have cash. I have freedom. Without cash the state can simply switch you off. Cashless payments allow complete control of the state in all aspects of your life. European countries have a very strong oppossition against cashless payments for exactly that reason.

Germany for example is completly against cashless only payment systems, its an obsession for them to now allow a state to controle them. So its unlikely EU with go cashless in next decades simply because that alone.

 

tower9

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Hate and jealousy?

A cashless country is a slave country. As long i have cash. I have freedom. Without cash the state can simply switch you off. Cashless payments allow complete control of the state in all aspects of your life. European countries have a very strong oppossition against cashless payments for exactly that reason.

Germany for example is completly against cashless only payment systems, its an obsession for them to now allow a state to controle them. So its unlikely EU with go cashless in next decades simply because that alone.


Ok so why is the article talking about being cashless as a good thing then?
 

Apollon

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Ok so why is the article talking about being cashless as a good thing then?

State propaganda, its exactly why Germans dont want it. Hitler and the following communist regime have teached them to do evrything to not give a state power of your personal matters.

For the same reason they have extreme data securety laws.

In Greece and other european countries people think same way. Only cash is real. Nobody can take the gold away that you burry into the soil behind your house but a bank account can be zeroed with a click.

In Europe you have cashless for convinience and on other hand will always have cash for security. Thats deeply imprinted in the psychological way of thinking here.

The EU for example tried to start with not printing 500 euro bills, a move it had to reverse because oppossition was so strong.


I see it as a cultural thing, so at least in Europe both systems will run next each other for decades.
 

tower9

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State propaganda, its exactly why Germans dont want it. Hitler and the following communist regime have teached them to do evrything to not give a state power of your personal matters.

For the same reason they have extreme data securety laws.

In Greece and other european countries people think same way. Only cash is real. Nobody can take the gold away that you burry into the soil behind your house but a bank account can be zeroed with a click.

In Europe you have cashless for convinience and on other hand will always have cash for security. Thats deeply imprinted in the psychological way of thinking here.

The EU for example tried to start with not printing 500 euro bills, a move it had to reverse because oppossition was so strong.


I see it as a cultural thing, so at least in Europe both systems will run next each other for decades.

I honestly don't care about being cashless personally, I'm just talking about how the article purposefully ignores the elephant in the room. It's just typical of the Western media to never mention anything positive about China, even if China is No 1 in a field they admire.
 

Apollon

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I honestly don't care about being cashless personally, I'm just talking about how the article purposefully ignores the elephant in the room. It's just typical of the Western media to never mention anything positive about China, even if China is No 1 in a field they admire.

As i said, i dont see it as positive. I have both, cashless and cash. And in Greece is a huge informal money market where cash doesnt allow the state to sniff into your personal matters.

But as i said, its different mentality and there is nothing wrong about that. I believe such differences in thinking are the good thing about humanity.
 

Beast

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State propaganda, its exactly why Germans dont want it. Hitler and the following communist regime have teached them to do evrything to not give a state power of your personal matters.

For the same reason they have extreme data securety laws.

In Greece and other european countries people think same way. Only cash is real. Nobody can take the gold away that you burry into the soil behind your house but a bank account can be zeroed with a click.

In Europe you have cashless for convinience and on other hand will always have cash for security. Thats deeply imprinted in the psychological way of thinking here.

The EU for example tried to start with not printing 500 euro bills, a move it had to reverse because oppossition was so strong.


I see it as a cultural thing, so at least in Europe both systems will run next each other for decades.
Typical sourgrape mentality. Can't eat the grape and claim it's sour.
 

Englishman

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What? Its a simple fact that citizens in cashless system become subjects of complete controle.
I agree with the kid on this one


Cashless system is bad news for everyday working class people.

The ruling elites of society can use it to their benefit. Working class people will have nowhere to hide. Everything they spend on or earn will be closely monitored and used against them.
 

casual

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I agree with the kid on this one


Cashless system is bad news for everyday working class people.

The ruling elites of society can use it to their benefit. Working class people will have nowhere to hide. Everything they spend on or earn will be closely monitored and used against them.
Cant use cash online.
 

That Guy

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I don't know how accurate this report is, but I haven't seen cash for years in China, many don't even remember what real RMB look like already.
This is my experience with Canada, didn't see cash for years until I had to take some to Pakistan recently.
 

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