In the last decade, online transactions have increased in the world including India. People are starting to consider it the best medium of payment for work. According to a survey report by the Global Web Index, people in South Korea prioritize cashless payments the most.
According to the report, 77 percent of people surveyed in South Korea believe that they prefer cashless payments more. At the same time, 32 percent people in the US said that they prefer cash to transaction. In developed countries, people prefer to work by cash. The people of the Philippines and Egypt give the lowest priority to cashless payment among the 46 countries included in this survey. In these countries, 33 percent considered cashless payment as the first choice, while in Morocco, 34 percent made it their priority.
After South Korea, 74 and 72 percent of the people in Sweden and Russia respectively, declared cashless payment as their first choice. In China, 67 percent of the people said that this was their priority, while 52 percent of people in India believed that cashless payment is the best option.
The report also stated that both India and Indonesia are the fastest growing online markets. In Asian countries, the card has grown significantly in the last five years in population. China, India and Indonesia have seen growth of 69.3 percent, 136.3 percent and 56.7 percent respectively.
After analyzing what makes cash payment a priority in some developed countries, several facts came to light. The biggest reason for preferring cash is not having a bank account and a card in these countries. According to the Central Bank of the Philippines, as of 2019, 29 percent of the adults there had a bank account.
