Which country is in favour of a cashless society?

Which country is in favour of a cashless society?

You may have guessed it – it’s India. According to TechWire Asia, an online news media, 79% of Indians believe going cashless would have a positive impact on their country, and if anything, the pandemic has fuelled this shift towards digital transactions.

Currently estimated at 574 million, monthly active internet users in India have grown by over 24% in 2020, with an overall penetration of 41% last year.

On average around 60% of citizens would welcome digital payments to their country, such as Malaysia at 65% and UAE and Indonesia at 63%. Interestingly, this percentage is at much lower at 24% for the US.

All across Asia, countries are seeing increased collaboration among banks, financial institutions and fintech to accelerate their digital journeys.

At NAOS International, we have been building the leadership teams for various organizations in this space across Asia, including countries like Japan, Vietnam and Malaysia. Reach out to our Senior Consultants to find out more about how we can support you.

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Article Link: https://techwireasia.com/2021/03/indias-road-to-becoming-a-cashless-economy/