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

[313ghazi]

Almost all my transactions are digital but cash still has a role to play. People like the anonimity it provides.

i used it for haircuts, car washes, mechanical repairs and some takeaways. All those businesses like to be able to decide what they tell the tax man.

 

[Hamartia Antidote]

Almost all my transactions are digital but cash still has a role to play. People like the anonimity it provides.

i used it for haircuts, car washes, mechanical repairs and some takeaways. All those businesses like to be able to decide what they tell the tax man.

Well ATM usage has declined in the US so just getting cash may be inconvenient as location counts are going down.

The ATM is Dead. Long Live the ATM!

Usage is on the decline – so why are banks looking to the machines to save them?

www.smithsonianmag.com

 

[Introvert]

Well ATM usage has declined in the US so just getting cash may be inconvenient as location counts are going down.

The ATM is Dead. Long Live the ATM!

Usage is on the decline – so why are banks looking to the machines to save them?

www.smithsonianmag.com

ATM's charge a fee to withdraw cash. On the other hand if I use my own banks ATM, there's no charge to withdraw cash.

 

[That Guy]

One of the reasons why payment through smartphone doesn't take off.

I mean cashapp and apple pay are taking off, so we can't say they're not heading towards cashless, it's just that their entire infrastructure revolves around cash, so its hard switch over.

 

[nang2]

I mean cashapp and apple pay are taking off, so we can't say they're not heading towards cashless, it's just that their entire infrastructure revolves around cash, so its hard switch over.

No as fast and prevalent as their counterparts in China. But cashless is only a matter of degree. If cashless is forced upon, that is outright tyranny.

 

[Introvert]

The costs of the cashless economy - Toronto Star Report​

 

[Tshering22]

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.

Indeed. Going cashless is a major achievement for any country in the world and China was the first country to have achieved this. Regardless of politics, this is a phenomenal feat that has to be acknowledged and admired.

I am personally disgusted by the sheer censoring of facts here.

 

[rambro]

Prime example how english speaking countries takes someone else's credit.

 

[lcloo]

No country can go totally cashless because there are small group of people who don't have gadgets like smart phone, or not having the skill in carrying out electronic transactions.

China is already a cashless nation, but cash transactions are still legal and must be accepted by all sellers and buyers.

That small group of people expected to use cash would be foreign visitors, young children and old people.

Personally I have been into cashless transactions most of the time here in Malaysia, but I still keep some cash in pocket because there are instances where cash payment is still needed.

 

[prashantazazel]

Only criminal are afraid to obey laws and rules. Becos it destroy their plan to commit crime.

Are you sure you will agree with every future law in every country you decide to live in, no matter how ridiculous?

 

[Ibr0kEmYrAz0r]

Are you sure you will agree with every future law in every country you decide to live in, no matter how ridiculous?

You don't have to like them; you don't have to agree with them; but DO try your best to obey them. A friendly reminder, as a free soul from a country with such rich history, please, the next time you visit Singapore, a representative democracy and US ally, do avoid vaping/spitting/chewing cums/urinating in pulic, etc.. as they have "Caning" law.

 

[Ibr0kEmYrAz0r]

When they reported HK ranks as #2, I know how inaccurate this report is.

Yeah, the cashless transactions in Hong Kong is no way near even half of what is in Mainland China.

Even beggars on street in China has a QR code on a piece of paper for every passer-by to scan, as normal people don't carry cash these days.

Never mind the taxi rides, corner shops, day/night markets, shady merchants (which isn't a very smart move, btw) all have options to use cashless payment.

 

[Broccoli]

Before covid less than 10% of Finnish transactions were done with cash and I imagine it's become even less common now few years later.

Criminals, elderly, prostitues, their customers, and weirdos are most common cash users.

 

[Ibr0kEmYrAz0r]

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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

Country	Score out of 100
1. Canada	79.1
2. Hong Kong	76.8
3. Singapore	76.2
4. New Zealand	75.0
5. Japan	74.1
6. Australia	72.3
7. Norway	72.2
8. United Arab Emirates	72.1
9. Switzerland	70.9
10. Finland	70.0

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.

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

Canada is leading the race to be the first completely cashless society, followed closely by Hong Kong and Singapore.

rates.ca

Appearantly, cash has made a comeback during COVID days, just as we thought virus/germs could be transmitted via physical surface of the banknotes. According to this article:

Posthaste: Here's a surprise, cash isn't dead — in fact it's making a comeback​

Cash in circulation in Canada has jumped $8.4 billion because of COVID — a lot of it in $50, $100 bills

Posthaste: Here's a surprise, cash isn't dead — in fact it's making a comeback

Cash in circulation in Canada has jumped $8.4 billion because of COVID — a lot of it in $50, $100 bills

financialpost.com

 

[Broccoli]

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.

So if British government comes after you whats good is cash going to do? I doubt you'll have piles of cash and first thing they do is seizing your bank account.

A cashless society is an absolute tyranny. It brings total control to the people who rule us.

What happens when the authorities turn off your digital money?

Unless you have tens of thousands in secret stash hidden somewhere what your gonna do with physical money when govt locks your bank account? Running around UK with thousands £ probably isn't safest thing to do.