U.S. Ranks 5th Among Cashless Countries, Is Your Business Ready for the Cashless Trend?



U.S. Ranks 5th Among Cashless Countries -- 3 Credit Cards for Every American

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:

U.S. Ranks 5th Among Cashless Countries -- 3 Credit Cards for Every American.





Image: ForexBonuses 2 Comments ▼


Shubhomita Bose


Shubhomita Bose Shubhomita Bose is a Staff Writer for Small Business Trends. She covers key studies and surveys about the small business market, along with general small business news. She draws on 8 years of experience in copywriting, marketing and communications, having worked extensively on creating content for small and medium sized enterprises.

2 Reactions

  1. I hope SMBs are ready because I know that I’m basically cashless and I want to support them.

  2. Aira Bongco

    The trend is moving towards cashless. More and more people are just transacting through gadgets and with credits.

Leave a Reply

Your email address will not be published. Required fields are marked *

*



How to Build a Better Ecommerce Website




Maximize performance and drive more sales. Take your ecommerce website from OK to great, in just 4 steps. This eBook will show you how to audit your website, SEO your website, review your responsive template, and optimize for conversions.

By submitting this form, you are allowing Small Business Trends to process your request, store your personal data, and pass your information to Criteo subject to their privacy policy which states that you have a right of access, modification, and erasure of your personal data. Criteo will send relevant content that is suitable to your profile. These rights may be exercised at any time by emailing [email protected]

No, Thank You