Will Canada Be the First Country to Go Cashless? U.K. Survey Suggests It’s Likely

[tower9]

I agree with the kid on this one


Cashless system is bad news for everyday working class people.

The ruling elites of society can use it to their benefit. Working class people will have nowhere to hide. Everything they spend on or earn will be closely monitored and used against them.

It is bad news for the west where peoples incomes are taxed to the hilt. But in China where income taxes are very low and small businesses are very high, it’s been a boon because economic activity has multiplied many times and fraud significantly reduced.

 

[Han Patriot]

View attachment 813315​

Coins and banknotes may soon be a thing of the past as more Canadians choose to go cashless in favour of contactless payment options like credit cards and mobile wallets — a trend accelerated by the COVID-19 pandemic.

Thankfully, Canada supports the technology and infrastructure to allow people across the country to adapt. As a result, a recent money.co.uk study recognized Canada for having the most cashless economy in the world as of May 2021.

The report ranked each country using a score based on contactless payment limits, the number of major e-wallet operators available, the number of automated teller machines (ATMs) per 100,000 adults, and the percentage of those aged 15-plus with debit and/or credit cards.

Canada topped the chart with a score of 79.1 out of 100, which may come as a surprise to some. However, an estimated 83% of the population own a credit card in Canada — the highest usage in the world. Not only that, but Canadian cardholders can also access the highest contactless payment limit at C$250, more than any other country.

The world’s leading cashless countries

Country	Score out of 100
1. Canada	79.1
2. Hong Kong	76.8
3. Singapore	76.2
4. New Zealand	75.0
5. Japan	74.1
6. Australia	72.3
7. Norway	72.2
8. United Arab Emirates	72.1
9. Switzerland	70.9
10. Finland	70.0

The pros and cons of going cash-free​

While electronic payments can have advantages like reducing fraud and money laundering, digital transactions also have downsides. money.co.uk lists potential pros and cons to ditching the banknote.

Pros:

• Digital records can reduce fraud and criminal activities.
• Contactless payments are convenient for everyday purchases and travelling abroad.
• Forgoing cash can save time and resources, reducing transportation, handling procedures and storage of money.

Cons:

• Vulnerable people and those unfamiliar with technology may be without payment options.
• Glitches and outages can cause issues when people are too reliant on technology.
• Cyberattacks pose a threat in the electronic world; no one is safe from fraud online.
• Cashless payments have an ease of use that can lead to overspending and mismanagement of finances.

With the invention of cryptocurrency, non-fungible tokens (NFTs) and other digital assets, there is no telling where electronic payments will lead. As of now, cashless societies seem like the way forward, but only time will tell how and when countries will meet this historic milestone.

Will Canada Be the First Country to Go Cashless? U.K. Survey Suggests It’s Likely

Canada is leading the race to be the first completely cashless society, followed closely by Hong Kong and Singapore.

rates.ca

Is the Western media that blind or they chose to close their eyes, I don't even take our my wallet in China. Just my phone n keys. Wtf man

 

[艹艹艹]

Mobile Payment in China: Practice and Its Effects​

October 01 2020

China has consistently ranked number one in mobile payment markets (whether in transaction volume or penetration rate) in the world. The proportion of adults using mobile payment in China was as high as 76.9 percent in 2017, and even in rural areas the proportion was 66.5 percent. According to Ipsos statistics, the penetration rate of mobile payment in China was 77 percent in 2016, compared with rates in the United States, UK, Germany, and France of 48 percent, 47 percent, 48 percent, and 38 percent, respectively. The penetration rate in Japan was only 27 percent.

Transaction value of mobile payment in China, 2013–18 (RMB trillion)

Peking University Index of Digital Financial Inclusion of China: Mobile payment coverage sub-index by prefecture, 2011 (left) and 2018 (right)

Note:The line in the right graph is the Hu Huanyong line. All prefectures each year are divided into four groups according to levels of mobile payment coverage, which are then colored (from high to low) in dark black, black, light black, and gray.


10:25, 03-Jun-2021
China's non-cash payments soar in the first quarter of 2021

Chinese banks handled a jump in non-cash payments in the first quarter of 2020 with a surge in mobile payments, the central bank said on Wednesday.

Non-cash payments, involving bank cards, online payment vehicles, commercial papers, credit transfer, and other settlements, totaled 1,065.59 trillion yuan ($167 trillion) in the first three months, up by 20.65 percent year on year, according to the People's Bank of China.

For years, China has been a relatively cashless society, with millions of mobile payment users paying with either Tencent's WeChat Pay or Alibaba's Alipay every day. Mobile payment transactions logged a 43.3-percent yearly jump to 130.14 trillion yuan in the first quarter.

 

[Hack-Hook]

I don't know how accurate this report is, but I haven't seen cash for years in China, many don't even remember what real RMB look like already.

It's funny as I'm not Chinese but i have seen some 100 yuan notes it seems the notes has more use outside china

 

[jamal18]

A cashless society is an absolute tyranny. It brings total control to the people who rule us.

What happens when the authorities turn off your digital money?

 

[Beast]

A cashless society is an absolute tyranny. It brings total control to the people who rule us.

What happens when the authorities turn off your digital money?

Only criminal are afraid to obey laws and rules. Becos it destroy their plan to commit crime.

 

[jamal18]

Only criminal are afraid to obey laws and rules. Becos it destroy their plan to commit crime.

Sometimes the people in charge are criminals.

 

[Beast]

Sometimes the people in charge are criminals.

By your theory, you shall disobey all laws. Do let me know if there is any country who is perfect with zero corruption, zero incompetent, zero wrong verdict and zero biased and I can migrate there

 

[yuba]

Hate and jealousy?

A cashless country is a slave country. As long i have cash. I have freedom. Without cash the state can simply switch you off. Cashless payments allow complete control of the state in all aspects of your life. European countries have a very strong oppossition against cashless payments for exactly that reason.

Germany for example is completly against cashless only payment systems, its an obsession for them to now allow a state to controle them. So its unlikely EU with go cashless in next decades simply because that alone.

German obsession with cash endures – DW – 05/10/2018

"Do you accept cards?" If you’re asking in Germany, there’s a good chance that the answer is no. The country has a curiously low cashless rate. Can the European economic powerhouse’s aversion to plastic payment continue?

www.dw.com

So true i hear people talk howe it be good but the goverment will know everything you do . But ive noticed at my local tesco they put 23 self serve counters out of them only 3 take cash same with normal counters half dont take cash. Buisness dont mind because it saves them loads on handling the cash and the goverment loves it because it know everything about you

 

[bbccdd1470]

Typical western journalism who think the world revolve around western pro countries only.

That chart is the same 2019 pre pandemic chart ranking of countries best to handle such situations.

View attachment 813316

When they reported HK ranks as #2, I know how inaccurate this report is.

 

[xuxu1457]

I thought China is the first country that is almost cashless already long before. Someone here said that over 80% of the transactions are done through Alipay and WECHAT.

Can @beijingwalker confirm this number? By when does China plan to go 100% cashles with the introduction of Digital Yuan? Thanks!

I haven't brought any cash during the past three years.
but many children and elders are still use cash

 

[nang2]

Ok so why is the article talking about being cashless as a good thing then?

As if that article is a gospel.

I honestly don't care about being cashless personally, I'm just talking about how the article purposefully ignores the elephant in the room. It's just typical of the Western media to never mention anything positive about China, even if China is No 1 in a field they admire.

Maybe the author doesn't know much about China. You don't care about being cashless personally but the moment you found out that China is ignored, you started to care. Sounds to me more like a reaction from ego. Why does everyone have to pay attention to you?

 

[Hamartia Antidote]

This is my experience with Canada, didn't see cash for years until I had to take some to Pakistan recently.

In the US card usage has been prevalent since the 1990's.

 

[nang2]

In the US card usage has been prevalent since the 1990's.

One of the reasons why payment through smartphone doesn't take off.

 

[Hamartia Antidote]

I haven't brought any cash during the past three years.
but many children and elders are still use cash

Mobile is not the only option to cash.

Same situation here in the US since the 1990s.
Most people other than kids and the elderly have been using Debit/Credit cards since the 1990s since the terminals are ubiquitous. Those same terminals are now supporting smart phones.

One of the reasons why payment through smartphone doesn't take off.

Yes I have to say it's a toss up as to whether i use my phone or card when paying. They are both pretty fast.

It ends being which one in the past worked better. Some terminals seem to have a hard time detecting a phone but have an instant credit card reader. Others have credit card readers that suck but awesome phone detection.