#TECH: Malaysia among top countries in the world in favour of cashless transactions

MALAYSIA is among the top countries in the world that favour cashless transactions, according to MoneyTransfers.com, which analysed the latest data from YouGov, to discover which countries in the world would most be in favour of a cashless society.

The Coronavirus pandemic crisis has been said to intensify the need to go cashless amid concerns about banknotes and coins transmitting the virus.

With a total of 25,823 individuals surveyed for the research, MoneyTransfers.com found that India took the number one spot with 79 percent like the idea of being a cashless society.

Coming in second is Malaysia. The survey revealed that 65 percent Malaysians support the move.

The United Arab Emirates (UAE) and Indonesia has a tied percentage of 63 per cent where the people of both countries believe that becoming cashless will have a positive impact on their society as well as the country’s economy.

Surprisingly just a little over half of the Singaporeans involved in the survey agreed with becoming a cashless society, even lower than Vietnam (60 percent).

Being a cashless society means they prefer the electronic forms of financial-related transactions such as the use of debit cards, credit cards, Google pay, Apple pay and other forms of electronic payment methods in exchange for paper monies – cash.

In sixth place, Italy becomes the highest-ranking European country alongside the Philippines where 52 percent of the Italians think going entirely cash free would be a great decision for their country.

Interestingly, tech forward country, the United States only recorded a 24 percent support for a cashless society. Even lower, at 18 percent, majority of the French don’t seem to be interested in becoming a cashless society but instead prefer cash.

Source: NST