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Meanwhile, Lloyds TSB has become the latest bank to offer the opportunity to customers to make cashless payments.
No society can be 100% cashless, but what we want is that the facility to make cashless payments should be provided by every single vendor".
This evolution follows the popularity of debit, gift and refill cards, which allow buyers to fill accounts and make cashless payments.
More than 70% of the households make cashless payments through only one item.
Interestingly, whether the respondent has regular income or not (variable "Wage") does not influence his/her decision to make cashless payments.
As before, there is a strong positive relationship between the proportion of individuals who received payments in their accounts and make cashless payments.
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In Table 10, we explore the main reasons that discourage households from making cashless payments.
The data estimate that 12.34% of households made cashless payments in India.
We develop simple logistic regression models to predict what explains an individual making cashless payments.
Among the banked population, this would mean that 23.54% of individuals have made cashless payments in the past one year.
We now explore the possible reasons as to why some countries have higher proportions of individuals making cashless payments.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com