China is the sixth most cashless country in the world, according to a recent study from global trading site Forex Bonuses.

The rankings took into account a raft of criteria, such as the number of credit cards per person, the number of debit cards per person, and the number of cards in issue with contactless functionality.

The growth rate of cashless payments over the past five years, payment transactions made with non-cash methods, and people's perception of mobile payment options were also included as factors in the rankings.

Canada took the crown, as its citizens own more than two credit cards per person on average and 57 percent of payments are made with cashless methods, though it has the lowest number of debit cards among the countries included in the research.

While scoring high on many metrics, China ranks sixth in the list. Despite advances in mobile payment methods, it has a low share of credit card ownership and cashless payment counts for only 10 percent of consumer transactions.

No 10 Russia

A customer holds a credit card as shoppers pay for their purchases at the check-outs inside a Perekrestok supermarket in Moscow, Russia, Feb 4, 2015. [Photo/VCG]