The world is moving on from cash. Globally, the number of non-cash transactions reached 433.1 billion in 2015, a record growth of 11.2%. The U.S. leads the way, followed by the Eurozone and China, according to Capgemini and BNP Paribas' latest World Payments Report.
Another data crunch earlier this year ranked the world's top 20 economies on their credentials as "cashless societies", with Canada topping the list, closely followed by Sweden, the United Kingdom, France and the U.S.
In the cashless world, governments are able to reduce costs, tackle corruption, boost tax revenues and even throttle cash-reliant black economies such as drug dealing; small businesses are able to grow customer base and income through innovative e-payment options, set up new revenue streams such as recurring payments and in doing so, increasing credibility. For individuals, e-payments can offer convenient, easier, more secure options to buy what they want or need, as well as provide services such as money transfers through text message, even if they're "unbanked".
Asia's inclusion in the cashless society rankings starts at sixth place thanks to China, but others in the region lag far behind. However, rapid change is afoot in 2017.