LONDON– While predictions of a looming cashless society continue to be made, one new analysis suggests the demise of cash is still a “long way from reality—but it is getting closer.
“The much discussed ‘cashless society’ is coming closer to reality across the world amid changing consumer attitudes and widespread technological adoption,” noted GlobalData in a new report. “However, while some markets such as Sweden, the U.K, and several countries in Asia-Pacific (APAC) have adopted cashless payments quite swiftly over the last few years, many are still progressing very slowly.”
Different markets have their own unique circumstances and there is no one-size-fits-all model, added GlobalData.
According to GlobalData’s report, ‘The Cashless World – Evolving Payment Environments in Key Asia Pacific and Western Markets’, the U.K. and Sweden are two of the developed economies that have adopted cashless payments most swiftly.
“Countries that are trying to push for further cashless payment adoption can learn from some of the steps they have taken,” GlobalData stated.