Similarly, Finland is planning to become a cashless society by 2029 as envisaged by the Bank of Finland. South Korea is leading the way in Asia facilitated by a strong broadband backbone and superfast internet. Many South Korean banks have stopped accepting cash deposits and withdrawals. Australia is planning to go cashless within the next five years. In the UK, six out of 10 transactions were in cash 10 years back, and now it has reduced to three in 10. It is expected to fall to one in 10 in the next 15 years. In 2016, India announced demonetisation to curtail shadow economy and counterfeit notes. Though the exercise did not quite meet the intended goals but certainly led to faster adoption of various digital modes of payments like transactions through mobile wallets, online banking, contactless debit and credit cards, etc. But cash transactions seem to be gradually back in the economy with both currency-to-DGP ratio and currency in circulation surpassing the previous levels. However, the current all-time peak levels of digital transactions confirm that consumers are moving faster towards digital payments which are expected to reach $1 trillion by 2023.