Moving toward a world without cash

Ling Hai, division president of Greater China for MasterCard Worldwide, has more than 10 bank cards in his wallet – all bearing the MasterCard logo but jointly issued with different Chinese banks.

At one time, when his company launched its No Cash Month campaign in March 2012, he had almost nothing in his wallet apart from his cards.

The campaign, an internal one within MasterCard’s Asia-Pacific region, attracted a total of 1,000 employees from 41 teams. They competed with each other to see which team used the least cash or money options such as vouchers in their daily lives in that month.

It turned out Japan had the highest percentage of non-cash transactions, followed by Taiwan and then South Korea.

“Since last year, we’ve been committing ourselves to a new vision – a world beyond cash. And all our business strategies will center on the theme of reducing the use of cash as much as possible in today’s society,” said Ling, 43.