Canada has been named the most advanced country in the world when it comes to cashless payments, followed by Sweden and the UK, according to a recent study by Forex Bonuses.

The North American country came in at No. 1 largely due to its number of credit cards, averaging about two per person, despite only 26 percent of cards there having contactless capabilities.

The data was based on six metrics, including the number of credit cards and debit cards per person, cards in issue that have contactless functionality, growth of cashless payments over the past five years, payment transactions made using non-cash methods and people who are aware of what mobile payments options they have available to use.