Five Countries Predicted to be Free of Cash in 2020

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Almost in all parts of the world, cashless society or non-cash payments continues to grow. Even in a number of developed countries, the habit of dealing with cash is slowly disappearing. Quoted by page Medium.com, Wednesday (02/2/2019), here are five countries predicted to be free of cash by 2020

Somaliland

Not only are developed countries adopting digital payments, a country like Somaliland, which is on the African continent, which is one of the poorest regions in the world, most adults in this country have mobile banking.
Almost in most stores in this region, you can easily find your Zaad account number. Zaad is a cellular payment service from Somaliland’s largest mobile operator, Telesom.  Compared to the world average of only 8.5 times doing cellular transactions for payments, Somaliland residents even make 30 payments from their cellphones every month.

Sweden

Sweden is one of the largest cashless countries in the world. In 2016, only about 1% of all payments in Sweden were paid in coins or banknotes. Some even hope the figure will drop to 0.5% by 2020. Shops and businesses in Sweden are legally permitted to refuse cash payments, and even 900 of the 1,600 branches of banks in Sweden do not deal with cash. Cashless applications in this country are growing fast because they are accompanied by digital facilities. Swedish people enjoy some of the best Information Technology infrastructures in Europe and Stockholm which also became the birthplace of iZettle financial technology companies.

South Korea

In April 2017 South Korea began reducing their coins by launching a trial in which buyers were offered a refill on their T-Money cards. T-Money is a prepaid card that is very popular in cities throughout the country for public transportation, shops, and even amusement parks. This pre-paid card is one reason South Korea is a cashless society, with only around 20% of transactions made in cash.

China

China experienced the highest growth of cashless payments over the past year. Most of the people use the two most popular systems, Alipay and WeChat Pay. The existing system uses a QR code scanner to pay for almost everything. The popular messaging service, WeChat, increases adoption by embedding a QR code reader into the application. Because this popular social networking app has 963 million active users. The universal nature of QR-code payments in China even affects other countries. In 2017, the number of Japanese stores that received AliPay doubled because the store adapted to the increasing demand from Chinese tourists.

English

In the UK it is not as high as other countries in terms of adopting digital money. However, in 2015 the policy unit of former Prime Minister David Cameron was thought to be considering making Britain a country without cash in 2020. Cashless payments continue to increase. In 2016 the number of card payments in the UK exceeded the amount of cash for the first time. However, cash remains an important utility for many people. According to the Bank of England Chief Cashier, 2.7 million people are almost entirely dependent on cash transactions.

Source: SINDO News

 

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