Major supermarkets, particularly in the UK, are increasingly transitioning to cashless operations by removing cash payments at petrol stations, cafes, and self-service kiosks. Key retailers involved in this shift include Asda (over 270 petrol stations), Tesco (40 cafes), Waitrose (all self-checkouts), and Co-op (select self-service). Other examples include Amazon Go, Carrefour, and Aldi (some cashierless stores).
All major supermarkets remain publicly “committed” to accepting cash in stores. However, some have begun phasing out cash payments across other parts of their businesses. For example, Asda made 96 of its petrol stations card-only in 2024 by removing the manned kiosk from forecourts.
Amazon Go, Tesco, Carrefour, Kroger, Pret, Le Bon Marché, and many others have gone cashless or piloting cashless store operations. There are several economic benefits of cashless retail, including - reduced costs. Going cashless can reduce the costs associated with handling, storing, and transporting physical cash.
Gen Z, Millennials, and other younger consumer demographics prefer digital payment methods for this reason and so many more. Mobile wallets, contactless payment cards, and other digital cashless payment options are fast and easy to use, making them appealing, yet also a natural choice for members of a digital society.
Sweden has officially become the first country in the world to go completely cashless. Almost every shop, café, and public transport system in Sweden now accepts only digital payments like cards or mobile apps. The popular app “Swish,” launched in 2012, is used by millions of Swedes to send and receive money instantly.
While this signals a good move for a country that is disproportionately dependant on cash, India is miles behind being ready for cashless payments in terms of infrastructure, availability of merchant-ready payment systems and biggest of all, people who are literate about any form of cashless payment and are willing – ...
In May, Macquarie Bank became the first major Australian bank to transition to cashless, digital-only payments, phasing out cash deposits at branches but still allowing customers to withdraw cash from ATMs without fees.
From the erosion of personal privacy to heightened risks of cyberattacks and the vulnerabilities during crises where electronic systems fail, the disappearance of physical currency has far-reaching consequences.
Hong Kong. Hong Kong is quickly heading towards a cashless society, with initial predictions even suggesting that 2025 could be the year that the country goes fully cash-free. ...
Sweden. Sweden is one of the countries at the forefront of the cashless movement. ...
So, can India become cashless? Eventually, yes- but not yet! From my perspective, India is steadily becoming less cash-dependent, if not entirely cashless. The growth of UPI, digital wallets, and fintech innovations is encouraging, pushed by the government and supported by financial institutions.
We only accept card payments. This practice has environmental benefits as it eliminates the need for cash collection and delivery, which used to be done by car several times per week across over a hundred locations.
Perhaps the most surprising thing about the world in 2050 is that we will no longer be using money as we now know it. Not only will we see the disappearance of notes and coins - which it is commonplace to assume will be replaced by 'electronic cash' - but also of the type of money we now hold in our bank accounts.
Cardless cash entails a user creating a number in the banking app, and that pin is used at an ATM to get cash without a physical card - while other people can extract the cash using a code. Westpac said the change has been driven by more people using digital payments as opposed to spending cash.
The UK government continues to support cash usage and oversee its printing, reflecting its ongoing role in the economy. Despite the rise of digital payments, the persistence of cash is backed by its cultural significance, regulatory support, and the practical need for physical money.
Is China completely cashless? China is not entirely cashless. While mobile payments account for the majority of transactions, the People's Bank of China is taking steps to ensure cash remains in circulation.
One of the disadvantages of cashless payment is the breach of data by hackers and loss of money due to fraudulent transactions. However, there are counter measures implemented to prevent frauds. You can read about the Cashless Economy in India – Definition, Types and Advantages for UPSC Economy in the given link.
While digital payment methods are commonly used and continue to grow in volume, cash remains a steady backup payment method or first or only option for millions of consumers. Therefore, adopting a multi-option, inclusive payment ecosystem will accommodate all payment preferences and adapt to the times.
Tesco, Asda and Sainsbury's have stopped accepting cash in some stores and supermarkets - with shoppers warned. Last year, Tesco announced it would be going cashless at 40 UK cafe sites. Asda has also gone cash-free in nearly 270 petrol stations, where customers can only pay by card at the pumps to fill up.
Norway has the one of the lowest physical cash rates in the world, with only 3-5% of point of sale transactions paid for by cash. In 2021, Norway's central bank announcedthat it was exploring digital currency options to help facilitate the switch to a cash-free society.
The risk of other crimes such as identity theft, account takeovers, and fraudulent transactions will also increase when digital payments become the only option. Many banks are also relying on outdated infrastructure with decades-old IT systems increasing the risk of glitches, crashes, and mistakes.
