Thursday, October 12, 2017

While Sweden continues on track to be the world's first cashless society, Canada instead currently reigns as number one

One of the primary reasons why the Nordic European countries are moving quickly towards becoming entirely cashless is primarily due to their citizens buying into the country's goal of eliminating physical currency.  And as such, the country of Sweden is well on its way towards becoming the world's first cashless society by 2023.

However even with this dedicated mission, Sweden currently doesn't reign on top of country's that use digital payments for settlement more than physical cash.  And interestingly that designation goes to Canada who in a new study ranks number one in digital payment infrastructure and assimilation.

When the world finally goes cash-free, there's a good chance Canadians will get there first. The country is moving towards a cashless society faster than anyone else, studies suggest. 
One study, from trading site Forex Bonuses, named Canada the most advanced country in the world when it comes to cashless payments, narrowly edging out Sweden and the U.K. (See infographic below.) 
The study looked at six elements of a cashless world: credit cards per person; debit cards per person; the share of cards that are contactless; the rate of growth of cashless payments; the share of payments made using non-cash methods; and the public's awareness of their non-cash options. - HuffPost


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