Cash is still the dominant mode of transaction for Indians and Chinese currently. According to a report released last month by the Bank for international Settlements (“Statistics on payment, clearing and settlement systems in the CPMI countries – Figures for 2015”) India’s and China’s non-cash payment transactions per capita are among the lowest in the CPMI countries.
11 non-cash transactions were made per inhabitant in India in 2015, which is lower than China which recorded 17 non-cash transactions per inhabitant in 2014 (data for 2015 is unavailable) and Russia which recorded 106 transactions per inhabitant in 2015. Non-cash transactions per capita was 403 for the United States in 2014 (data for 2015 is unavailable).
At 728 non-cash transactions per capita, Singapore has one of the highest non-cash transactions per inhabitant among the CPMI member countries, ranking higher than the United States, United Kingdom, Sweden and Switzerland.