Connect with us

Money

Charted: The Death of Cash Transactions Around the World

Published

on

See this visualization first on the Voronoi app.

infographic showing the death of cash payments around the world

Use This Visualization

Cash Transactions are Becoming More Rare Around the World

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

As credit cards and digital wallets (e.g. Apple Pay, Paytm, Alipay) see increasing adoption around the world, the share of cash being used in transactions is plummeting.

The chart above looks at cash as a share of transaction value in selected countries at three time periods (2019, 2023, and 2027P). Highlighted in red is cash’s projected drop from 2019 to 2027. This data showing the death of cash comes from WorldPay’s Global Payments Report 2024.

Where Cash is King (For Now)

The prominence of cash for use in transactions is dropping in every country measured. This includes countries where cash was preferential method of payment in POS transactions.

One clear example is Nigeria. In 2019, over 90% of transaction value was still in cash payments. That number has now fallen to 55% today. Cash is still the leading payment method in Nigeria and a handful of other nations, but current trends indicate this may not be the case for much longer. For now, cash also remains the leading method of payment in various South American and East Asian countries.

Below is a full list of countries included in the report, along with cash’s share of transaction value in those countries.

CountryShare of POS Transaction ValueCash is leading playment method in country
Nigeria55%✔️
Thailand46%✔️
Philippines44%✔️
Japan41%✔️
Mexico38%✔️
Spain38%✔️
Indonesia38%✔️
Vietnam38%✔️
Germany36%
Peru35%✔️
Colombia34%✔️
South Africa33%
Turkïye33%
Poland32%
Malaysia32%✔️
Saudi Arabia29%
Argentina27%✔️
Italy25%
Taiwan25%
Brazil22%
Chile22%
Ireland18%
India18%
UAE17%
Belgium16%
Singapore15%
United States12%
France12%
United Kingdom10%
South Korea10%
Hong Kong SAR9%
Denmark8%
Finland7%
Netherlands7%
Australia7%
China7%
Canada6%
New Zealand6%
Sweden5%
Norway4%

Where the Death of Cash is Already a Reality

In some places, cash payments are already a rarity. This includes Canada, New Zealand, Australia, and most Nordic countries.

The report predicts that France, Singapore, South Korea, the UK and the U.S. will fall below the 10% transaction value threshold for cash by 2027.

Click for Comments

Subscribe

Popular