Canadians Lead in Adopting Cashless Economy

Christine Persaud

Published: 10/10/2017 08:39:53 AM EST in Industry

Canadians Lead in Adopting Cashless Economy

Canadian tops the list of countries with the 20 larges economies who are adapting quickest to using cashless systems like phones and contactless cards, according to Forex Bonuses.

The global trading site looked into contactless card saturation, number of debit and credit cards issued per capita, usage of cashless methods, growth of cashless payments, and the proportion of people who are aware of which mobile payment services are available. From these six metrics, an overall ranking was calculated.

Canada only has contactless functionality in 26% of its cards, compared to 41% in the U.K. and 56% in China. Canada also had the lowest number of debit cards per capita included in the research (0.7). It was found to have over two credit cards per person, a figure only exceeded by those in the U.S., who had just under three.

The majority of payments made in Canada were made using cashless means at 57% of transactions, outmatched only by 2% in both Sweden and France. The U.K. reached 52% on this scale, while China, despite the majority of cards being contactless, used cashless methods in only 10% of transactions. China was also the most educated on mobile payment services, with 77% of survey respondents claiming they were aware of the options available to them in this regard. In comparison, only 47% in the U.K. claimed the same.

Rounding out the top 10, behind Canada, Sweden, and the U.K., was France with a score of 6.25 out of 10; the U.S. (5.87); China (5.17); Australia (4.92); Germany (4.14); Japan (3.12); and Russia (1.95). Canada's score was 6.48, just inching out Sweden at 6.47, followed by the U.K., which was close behind at 6.42.

Article Tags:  forex, cashless, canadian, economy, payment, phone, contactless, study


Canadians Lead in Adopting Cashless Economy

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