When was the last time you paid with cash?
If it has been a while, this may be the new norm.
Experts are predicting we could see countries make the move toward being completely cashless within the next five years.
The COVID-19 pandemic has seen a surge in electronic, contactless payment options across the world. However, this trend favouring electronic options over paper currency is not new, with the popularity of debit and credit cards and online banking innovations.
In a new study by money.co.uk, countries were ranked on the basis of how ‘cashless’ they were. The result of the study ruled Canada to be the ‘most cashless’ country in the world.
The study analyzed five factors to give each country in their study a score out of 100.
- Percentage of the population (aged 15+) with a credit card
- Percentage of the population (aged 15+) with a debit card
- Contactless payment limits
- Number of major e-wallet operators available
- Number of ATMS per 100,000 adults
Canada was named the world’s most cashless country, with a score of 79.1 per cent (out of 100) , followed by Hong Kong (76.8 per cent) and Singapore (76.2 per cent).
According to the study, 83 per cent of the Canadian population (aged 15+) has a credit card. Canada also has the highest contactless payment limit in the world at $250 CAD.
In other currency news, a new study by Gambling.com found that Canadian money is the filthiest.
After completing swab tests of 20 of the most common currencies used at casinos, microbiologists found 209 bacterial colonies on Canadian money.
According to the study, the most common bacteria found can cause urinary tract infections, fungal infections, pneumonia, and more.