Most of us of above a certain age have gone into a shop to purchase items, say milk and bread, only to find we had no cash with which to complete the transaction. Said items were put back on the shelves and we returned home empty handed and frustrated.
These days it’s all a little different. Of course cash exists but more and more of us are dispensing with it as a part of our everyday lives. With the advent of credit cards, chip and pin and now contactless payments, cash is becoming less important. And fewer of us are carrying it, as this handy infographic by Choice Loans so clearly points out.
It’s also why it’s in the interest of many small businesses to facilitate non-cash payments. After all, there’s no guarantee we’ll return to exactly the same shop to buy our milk and bread, so helping us make cash free transactions can help to close sales.
According to the infographic, Singapore is leading the cashless revolution with 61 per cent of the country saying goodbye to coins, followed by 60 per cent of the Netherlands and 59 per cent of France.
The infographic also highlights the different ways of going cashless and some of the pros and cons.
Image source: Shutterstock/Robert Kneschke