Digital adoption has been further accelerated by the pandemic, driving nearly half of global consumers to expect a cashless world by 2030, according to a Standard Chartered survey.

64 percent of respondents expect their country to make the full transition while 44 percent expect this to occur by 2030, according to the «Standard Chartered 2020 Consumer» survey covering 12,000 adults across 12 markets – Hong Kong, India, Indonesia, Kenya, Mainland China, Malaysia, Pakistan, Singapore, Taiwan, UAE, the U.K. and the U.S.

The outlook is further supported by empirical evidence found through the Standard Chartered's ATM cash withdrawal data. Across the ten surveyed markets where the bank offers retail banking (U.K. and U.S. not included), cash withdrawals have halved compared to two years ago.

Covid-Fueled

According to 64 percent of respondents, the coronavirus has made them more positive about online shopping. 48 percent of respondents prefer online payments compared to in-person card or cash payments compared to just one-third prior to the pandemic.

But the outbreak has done more than just convert existing behavior to digital channels – it has in some cases changed behavior altogether. For example, 62 percent of respondents said that the economic impact of the coronavirus has made them more likely to track spending with over three-quarters either using or seeking to use budgeting tools or tools that block card-spend over specified limits.

«In a world where people are being more cautious with their spending, being able to keep track of where your money goes has never been so important,» said Aalishaan Zaidi, Standard Chartered’s global head of client experience, channels & digital banking.