China: 80% Cashless

China is not exactly 90% cashless, but it is one of the most cashless societies in the world. As of recent years, over 80% of transactions in major cities are digital, and in some cases, this figure exceeds 90%—especially in urban areas.

Key Points:

1. Mobile Payments Dominate – Most people use WeChat Pay and Alipay for everyday transactions, from street vendors to luxury stores.
2. Declining Cash Usage – Many stores, restaurants, and even government offices prefer or only accept digital payments.
3. Rural vs. Urban Divide – Urban areas are largely cashless, while rural regions still have a mix of cash and digital payments.
4. Foreigners Face Challenges – Due to restrictions on linking foreign bank cards, tourists often struggle to pay digitally in China.

So while it's not officially 90% cashless across the country, China is among the closest nations to achieving a fully cashless economy—especially in cities like Beijing, Shanghai, and Shenzhen.

India is not as cashless as China, but it has made significant progress in digital payments, especially after the 2016 demonetization and the rise of UPI (Unified Payments Interface).

How Cashless is India?

1. UPI Dominance – UPI processes over 14 billion transactions per month (as of late 2023), making it one of the world’s largest real-time payment systems.
2. Digital Payments Growing Rapidly – In cities like Delhi, Mumbai, and Bangalore, more than 70% of retail transactions happen via digital methods (UPI, debit/credit cards, and mobile wallets).
3. Rural vs. Urban Divide – While urban areas are embracing digital payments, cash is still dominant in rural regions, where internet penetration and smartphone access are lower.
4. Cash Still Plays a Role – Unlike China, where many stores refuse cash, India still relies on cash for a large percentage of informal economy transactions, especially in smaller towns and villages.
5. Government Push for Cashless Economy – Initiatives like DigiDhan, Aadhaar-linked payments, and NPCI's RuPay cards are helping increase cashless adoption.

Comparison: India vs. China

Factor	China	India
Mobile Payment Leaders	Alipay, WeChat Pay	UPI (PhonePe, Paytm, Google Pay)
Digital Payment Share	80-90% in urban areas	~70% in urban areas
Rural Adoption	Growing but significant	Slower, cash still dominant
Government Support	Strong push for cashless	Strong push but slower adoption
Cash Usage	Declining, often refused	Still widely accepted

Verdict

India is not yet as cashless as China, but it is on its way. UPI is driving one of the fastest digital payment transitions in the world, and within the next 5-10 years, India could become as cashless as China—especially in urban areas.

The United States is not as cashless as China but is more digital than India in some aspects. However, cash is still widely used, especially for smaller transactions.

How Cashless is the U.S.?

1. Credit & Debit Cards Dominate – Unlike China and India, where mobile payments lead, in the U.S., most digital transactions happen through credit and debit cards (Visa, Mastercard, AmEx).
2. Mobile Payments Growing Slowly – While Apple Pay, Google Pay, and Venmo are becoming popular, their adoption is much slower compared to China’s Alipay or India’s UPI.
3. Cash is Still Used – According to the U.S. Federal Reserve, around 20% of transactions are still done in cash, especially for small purchases (under $10), tips, and rural areas.
4. Digital Wallet Adoption is Lagging – While China and India have QR code-based payments everywhere, the U.S. is still heavily reliant on cards and contactless payments, and some stores still prefer cash.
5. Rural & Older Population Still Use Cash – Many elderly Americans and those in rural areas still rely on cash, unlike China where digital payments are almost mandatory.

Comparison: U.S. vs. China vs. India

Factor	China	India	U.S.
Main Digital Payment Method	WeChat Pay, Alipay	UPI (Google Pay, PhonePe, Paytm)	Credit/Debit Cards, Apple Pay
Mobile Payment Adoption	80-90% in urban areas	~70% in urban areas	Slower (~50% use mobile payments)
Cash Usage	Rare, often refused	Still common in rural areas	~20% of transactions still in cash
Rural Digital Adoption	Growing but strong	Still developing	Digital but cards preferred
Government Push for Cashless	Strong	Strong	Minimal

Verdict

• China is the most cashless of the three.
• India is rapidly catching up, especially in urban areas due to UPI.
• The U.S. still relies heavily on credit/debit cards, and mobile payments are growing but not as fast as in China or India.

The U.S. is not truly cashless yet—while digital payments are widespread, cash remains a preferred option for many Americans, especially for small transactions and among older generations.