APAC countries dominate the world’s most cashless economies

Canada remains the king of cashless countries.

The Asia Pacific countries took the second to sixth spot of the top ten cashless countries according to a survey released by money.co.uk.

Using data from the World Bank and the largest debit and credit card providers, the survey revealed that Canada is the top cashless economy in the world.

Hong Kong ranked second with the latest figures showing that four in five or 83% of Hong Kong’s citizens aged 15 and up own a debit card and four major e-wallets are in operation - Apple Pay, Google Pay, Samsung Pay, and Alipay.

Singapore takes third place, with the latest World Bank figures showing 92% of Singapore's citizens aged 15 and up own a debit card. Singapore also has the fifth-highest contactless limit in the world at S$200 ($148.71).

They are followed by New Zealand, Japan, and Australia. 

According to James Andrews, senior personal finance expert at money.co.uk, the pandemic had changed the way we use money forever.

“Even prior to the Coronavirus pandemic, we were beginning to see a global shift away from paper money towards electronic payments. However, the Coronavirus pandemic has undoubtedly accelerated this," Andrews said.

According to him, in the past 12 months, more than 40 countries increased the limits for contactless payments. "Cashless payments will allow for quick and easy transactions when international travel fully resumes, and the creation of digital paper trails could help reduce tax fraud and money laundering."