The top 10 countries where apps like Venmo and Apple Pay could replace cash sooner than you think
Olivia Harris/Getty
With the invent of mobile payment apps like Apple Pay, Google Wallet, Venmo, PayPal, and Square, our wallets and smartphones have become one.
In some countries, a cashless economy is all but inevitable - and could happen sooner than you think.
That's according to new research from global trading site ForexBonuses, which studied the world's top economies and their use of cashless methods of payment. Debit and credit cards have been around for a while, but mobile payment apps like Venmo and Apple Pay are quickly becoming commonplace.
To compile its list, ForexBonuses looked at the 20 countries in the world with the largest economies, narrowing down to the top 10 based on available data. They evaluated six metrics for each country:
- Number of credit cards per person
- Number of debit cards per person
- Proportion of cards in issue with contactless functionality
- Five-year growth of cashless payments
- Percent of payment transactions using non-cash methods
- Percent of people who know they can use mobile payment options
The percentage of cashless consumer payments was deemed the most important metric and was weighted five times more than the rest of the data points.
Canada is the world's most cashless country, according to ForexBonuses, with 57% of consumers using non-cash payment methods. Keep scrolling for the full list:
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market