Being cash-free has become over the years a global trend, which promises to solve a number of issues which plague the traditional financial framework such as money laundering and terrorism financing, and some experts claim that by the year 2022 we will see the emergence of fully cash-free countries. The growth of cashless payments in recent years, the increasing number of mobile payment options and the popularity of decentralized cryptocurrencies are signaling that the shift to cashless societies is just a matter of time.
Research from Moneymailme highlighted the market potential for e-money transfers, finding that 48% of 18-25 year olds believe that money will be obsolete within 20 years. Similarly, almost a quarter of this age group said they wouldn’t consider making a bank transfer for under £10. With Moneymailme’s removal of fees and cards launch, consumers’ ability to use a mobile wallet for micro transactions and payments has never been easier. Moneymailme Founder & CEO Mihai Ivascu added: “By deciding to remove deposit fees, we are making our platform more accessible for all those seeking a fast, reliable, cheap and enjoyable way to send money to friends and family.”
What is a cashless society?
In the past, cashless societies were based on the bartering system, where people exchanged livestock for agricultural produce or manufactured goods. The modern concept of cashless society means that legal tender is exchanged and recorded only in digital electronic format, which enables faster and more secure transactions.
The trend of going cashless emerged during the 1990’s, as electronic banking became popular in the more technologically advanced countries. The emergence over the years of online digital payment tools such as Paypal, mobile payments apps and digital wallets made online cashless transactions available to the wider public.
Mark Bolsom, business development director at Moneymailme added the following comment on cashless economies “Consumers want to pay in the most convenient way for them, so with debit and credit cards so easy to carry around, and with the growing popularity of e-wallets, holding cash is simply not at the forefront of consumers’ minds any longer.”
“Social media platforms and easy to use technology are incredibly important to young people. As the leading social payment app, we wanted to make sure that we were offering our users a complete seamless solution for them to manage their money” added Ivascu.
Benefits of a cashless society:
- It stimulates the global economy
- Discourages money laundering and terrorism financing
- Central governments will have full control of the money supply
- Easy monitoring of income tax payments which will strengthen a country’s national economy
- Reduces negative global inflation and quantitative easing
- Reduces corruption
Introducing the Moneymailme Card.
Social money transfering app Moneymailme – named UK’s Best Social Payments App in 2017 by Cfi.co – has partnered with Prepaid Financial Services (PFS) to provide Moneymailme users with access to virtual and physical cards.
All Moneymailme cards have multiple currency wallets linked to them so that when cardholders make a transaction, the money will be debited from the matching currency wallet rather than a traditional base currency card.
“Moneymailme Cards provide a valuable spending tool for new and existing Moneymailme users and are a great option for those wanting to make payments with the money they have in their Moneymailme e-wallets”, states Mihai Ivascu. PFS Commercial Director Lee Britton adds: “PFS is delighted to have been chosen to partner with Moneymailme. The Moneymailme proposition completely changes the way social payments are made; the innovative approach and outstanding technology platform has enabled Moneymailme to lead the way. The launch of Moneymailme Cards together with PFS is an important step in enabling social payments to meet the needs and wants of customers globally.”
The advantages of Moneymailme Card:
- A safe, secure Mastercard payment method exclusive to Moneymailme users
- Add money with ease and use the card to shop online, pay in stores or ATMs
- You can use it anywhere in the world, with no restriction
- Three currencies available: EUR, USD and GBP
- Latest security protocols to protect against fraud and theft
- Easily track your spending, so you’re always in control
Top ten cashless countries
Forex Bonuses examined 20 of the world’s top economies and their payments habits, in order to determine the top ten cashless countries. In order to rank the countries, the study examined six metrics: the number of credit cards per person; the number of debit cards per person; the cards in issue that have contactless functionality; the growth of cashless payments over the past five years; payment transactions made using non-cash methods; and the number of people that are aware of what mobile payments options they have available to use.
|Ranking||Country||Proportion of cards in issue with contactless functionality||Debit Cards per Capita||Credit Cards per Capita||% of Consumer Payment Transactions Using Non-Cash Methods||Growth of Cashless Payments Over Past 5 Years||% of people that are aware what types of mobile payment services are available to them today|
Moneymailme is an innovative chatting app that combines the social interaction with the joy of sending and receiving available e-money from your mobile phone in what has been termed “social money”, fast and secure. From sending money back to your friend who paid earlier for your coffee at the University, to contributing with your office colleagues to buying a gift for your boss, Moneymailme facilitates micro-payments, file sharing and chatting at the same time, allowing you to make a really enjoyable social experience out of payments. Available in over 100 countries, with six currencies to choose from, Moneymailme can be downloaded for free from Apple App Store and Google Play.
Forex Bonuses cashless countries info graphic: