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MasterCard reports that 52% of UK transactions are cashless (no date given) while the European Central Bank reports just 21% of UK transactions were cashless as of 2015 (Oct 15, 2015 is the date on the ECB report; the data seem to be from 2014).
MasterCard says that 59% of transactions in Sweden are cashless, while the ECB reports a paltry 3.9%.
Looking just at McKinsey data, one sees contradictions. The map says that 52% of North American transactions are cashless. But the table to its right says that only 45% of US transactions are cashless, and a mere 4% of Mexican transactions are. Canada's 57% doesn't pull the weighted average up to 52%.
IMHO more dubious is the conclusion that the column attempts to draw, viz. that a move to cashless transactions means less physical cash stored under mattresses (i.e. not in banks or equivalents). It uses this "conclusion" to explain why it will be easier to charge people for the privilege of saving money (by paying negative interest).
Personally, when I want to spend cash, I take it out of a bank, not my home vault or safe deposit box. The graphic reports Taiwan as having one of the lowest percentage of cashless transactions. Yet there, people have traditionally kept money in the post office or in banks, even as they conducted transactions in cash.
That has been changing I believe more than the figures suggest, e.g. with adoption of e-money. A Chinese term for use of any of these cards (e-money, credit card, etc.) is shua ka.
Comments
MasterCard reports that 52% of UK transactions are cashless (no date given) while the European Central Bank reports just 21% of UK transactions were cashless as of 2015 (Oct 15, 2015 is the date on the ECB report; the data seem to be from 2014).
MasterCard says that 59% of transactions in Sweden are cashless, while the ECB reports a paltry 3.9%.
Looking just at McKinsey data, one sees contradictions. The map says that 52% of North American transactions are cashless. But the table to its right says that only 45% of US transactions are cashless, and a mere 4% of Mexican transactions are. Canada's 57% doesn't pull the weighted average up to 52%.
IMHO more dubious is the conclusion that the column attempts to draw, viz. that a move to cashless transactions means less physical cash stored under mattresses (i.e. not in banks or equivalents). It uses this "conclusion" to explain why it will be easier to charge people for the privilege of saving money (by paying negative interest).
Personally, when I want to spend cash, I take it out of a bank, not my home vault or safe deposit box. The graphic reports Taiwan as having one of the lowest percentage of cashless transactions. Yet there, people have traditionally kept money in the post office or in banks, even as they conducted transactions in cash.
That has been changing I believe more than the figures suggest, e.g. with adoption of e-money. A Chinese term for use of any of these cards (e-money, credit card, etc.) is shua ka.