France and Germany are still a long way from having an efficient social credit system.
One of the many prerequisites for a functioning social credit system is the abolition of cash, because only electronic money would allow the state to exercise complete control over all transactions of the citizens. But this control is in turn necessary to enforce the results desired by a social credit system.
The argument for a cashless society has been around for a while, but the rapid rise of the Coronavirus crisis has intensified the debate again amid concerns about banknotes and coins transmitting the virus. In addition to 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.
Interested in financial transactions, MoneyTransfers.com analysed the latest data from YouGov, to discover which countries in the world would most be in favour of a cashless society. A total of 25,823 individuals were surveyed for the research, 2,049 from Germany.
India is in number one spot as an overwhelming 79% of Indians 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. 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.
Germany is in 16th place, as 20% of Germans think going entirely cash free would be a great decision for their country. Furthermore, 35% of Germans admit to paying in cash less often since the Covid-19 outbreak.