A QUARTER of Spaniards say they would prefer to wave goodbye to cash and welcome electronic payments instead.

The rapid rise of the coronavirus crisis has intensified the debate over paper money amid concerns about banknotes and coins transmitting the virus.

On top of this, the increasing decline of high street bank branches and ATMs has made the possibility of a cashless society in the next few years more likely than ever before.

A survey by MoneyTransfers.com analysed the latest data from YouGov, to discover which countries in the world would most be in favour of a cashless society.

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The exact question respondents from each respective country were asked was: “Do you think it would be a positive or negative if your country became cashless, meaning only electronic forms of money will be accepted?”

Electronic forms of money refer to debit cards, credit cards, Google pay, Apple pay and other forms of electronic payment.

It found that India is in number one spot as an overwhelming 79% of citizens surveyed would like to have a cashless society in their country.

In second position is Malaysia, where 65% of Malaysians are in support of having a cashless society in their country.

Money Transfers Cashless Society 2021 Infographic

The United Arab Emirates (UAE) and Indonesia are in joint third place, as 63% of citizens in each respective country believe becoming cashless will have a positive impact on their society and economy.

Vietnam (60%) and Singapore (56%) are among the other countries where over 55% of citizens are in favour of transitioning towards a cashless society, respectively in fourth and fifth position.

Spain is in 13th place, as 27% of Spanish citizens think going entirely cash free would be a great decision for their country.

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Furthermore, 52% of Spanish citizens admit to paying in cash less often since the Covid-19 outbreak.

The United States is joint 15th (alongside Sweden), as just 24% of Americans feel a cashless society would be a good thing for their country.

In17th position is France, where only 18% of French citizens would welcome their country being entirely dependent on electronic forms of payment.

A total of 25,823 individuals were surveyed for the research, 1,020 from Spain.

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