May 19, 2020

Canada named the world’s most cashless economy

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Canada named the world’s most cashless economy

Canada has been the named as the world’s most cashless economy in a recent study by Forex Bonuses, looking at the 20 largest economies and their ability to adapt to the world of cashless payment systems such as contactless cards and smartphones.

Canada narrowly took the top spot ahead of Sweden, recording a 6.48 rating compared to Sweden’s 6.47.

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The report used a number of metrics including the amount of credit and debit cards per person, cards issued with contactless capabilities, the growth of cashless payments, payment transactions made without using cash and the awareness of mobile pay options to calculate the ratings out of 10.

Canada came top largely due to its number of credit cards, with as many as two per person, despite only 26% of cards having contactless capabilities.

The top 10 can be seen through the infographic provided by Forex Bonuses below:

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