Across the world, cashless culture is now the new normal and the United States is among the top countries to have embraced it.
Data shared by Forex bonus provider ForexBonuses shows there are nearly three credit cards for every person in the U.S. The country ranks fifth among cashless countries.
Potential for Rank Improvement
For years, credit cards have been a part of the American way of life. Yet the country lags behind Canada, Sweden, U.K. and France in cashless transactions. The reason? Possibly, the reluctance of some businesses in allowing customers to pay in plastic.
Because of this, 47 percent of U.S. payments are still made with cash. In comparison, 59 percent of all Swedish consumer transactions are completed through non-cash methods.
Cashless Countries Ahead of the U.S.
Thanks to the popularity of cashless payment methods, 47 percent of consumers in the U.K. are using alternative payments for most transactions. France has also adopted the cashless trend, with 39 percent of cards already having contactless technology.
But it’s Canada that’s leading this popular trend. There are two credit cards for every person living in the country, which explains the popularity of cashless payment.
Offer Cashless Options to Keep Up with Consumers
With some experts predicting completely cashless societies to emerge as soon as 2022, it’s important for businesses to prepare themselves.
Mobile payment platforms, for example, are expected to play a major role in future transactions. Businesses must understand how they can leverage these platforms to gain an edge.
Today, a large number of businesses still mostly or only accept cash. To stay relevant in the near-future, such businesses must rethink their strategies.
To learn more about cashless countries, check out the infographic below: