While digital payments are on the rise globally, a closer look at cash usage reveals a world of surprising contrasts, from Sweden's near-cashless society to Nigeria's 95% reliance on physical currency.
Key Takeaways
- In the United States, cash accounted for 18% of all consumer payments by number in 2022, down from 26% in 2019
- Globally, 60% of retail transactions were made with cash in 2021 according to the Bank for International Settlements
- In Sweden, cash usage dropped to less than 1% of retail payments by volume in 2023
- The total value of cash transactions in the US was $2.1 trillion in 2022, representing 8% of total payment value
- Global cash circulation value exceeded $5 trillion daily in 2021, BIS estimates
- Sweden cash transaction value share was under 2% of GDP in 2023
- In the US, 55% of consumers aged 60+ prefer cash for payments compared to 12% under 30 in 2022
- Globally, low-income households use cash 3x more frequently than high-income in 2021, BIS
- Sweden cash preference among over-65s was 20% vs 1% under-35 in 2023
- US grocery stores accepted cash for 90% of transactions by volume but only 20% by value in 2022
- Global supermarkets saw cash usage at 40% by number in 2021, BIS
- Sweden restaurants cash acceptance dropped to 10% in 2023
Cash usage is declining globally but remains vital in many regions and for certain demographics.
Demographics
- In the US, 55% of consumers aged 60+ prefer cash for payments compared to 12% under 30 in 2022
- Globally, low-income households use cash 3x more frequently than high-income in 2021, BIS
- Sweden cash preference among over-65s was 20% vs 1% under-35 in 2023
- UK 18-34 year olds used cash only 6% of time vs 27% for 75+ in 2022
- India women in rural areas used cash 70% more than urban men in 2022, RBI
- Eurozone seniors over 65 made 80% of payments in cash in 2022, ECB
- Canada immigrants used cash 25% more than native-born in 2021, BoC
- Australia low SES groups used cash 40% vs 10% high SES in 2022, RBA
- Germany rural residents used cash 55% vs 40% urban in 2022, Bundesbank
- Brazil unbanked population (45% adults) relied 90% on cash in 2021, BCB
- Japan elderly over 70 used cash for 75% of payments in 2022, BOJ
- South Africa informal sector workers used cash 95% in 2022, SARB
- China rural farmers used cash 60% more than city dwellers in 2022, PBOC
- Mexico indigenous communities had 95% cash reliance in 2021, Banxico
- France low-income used cash 45% vs 15% high-income in 2022, BdF
- Nigeria youth under 25 used mobile money more but cash still 80% for all ages in 2022, CBN
- Netherlands over-75s used cash 30% vs 5% under-25 in 2022, DNB
- Poland women used cash 10% more than men in 2022, NBP
- Austria small business owners preferred cash 60% in 2022, OeNB
- Switzerland low-education groups used cash 50% more in 2022, SNB
- US Hispanics used cash 30% more than average in 2022, Fed
- Eurozone unemployed used cash 70% of payments vs 40% employed in 2022, ECB
- UK disabled consumers relied on cash 25% more in 2022, UK Finance
- Sweden tourists used cash 15% vs locals 1% in 2023, Riksbank
- India seniors over 60 used cash 85% vs 50% youth in 2022, RBI
- Germany blue-collar workers used cash 60% vs 30% white-collar in 2022, Bundesbank
- Japan single-person households used cash less at 50% vs families 70% in 2022, BOJ
- Brazil Northeast region cash use 80% vs South 40% in 2021, BCB
- Australia indigenous Australians used cash 70% more in 2022, RBA
- Canada rural residents cash preference 30% vs urban 10% in 2021, BoC
Demographics Interpretation
Cash remains stubbornly alive and deeply unequal, clinging most to those society leaves behind—the old, the poor, the rural, the marginalized—while the young and wealthy tap their way blithely into a digital future that isn't yet built for everyone.
Retail Sectors
- US grocery stores accepted cash for 90% of transactions by volume but only 20% by value in 2022
- Global supermarkets saw cash usage at 40% by number in 2021, BIS
- Sweden restaurants cash acceptance dropped to 10% in 2023
- UK convenience stores cash payments 35% in 2022, UK Finance
- India street vendors 98% cash-only in 2022, RBI
- Eurozone fuel stations cash share 25% by value in 2022, ECB
- Canada pharmacies cash usage 22% in 2021, BoC
- Australia markets and fairs 85% cash in 2022, RBA
- Germany bakeries cash payments 70% in 2022, Bundesbank
- Brazil informal markets 95% cash in 2021, BCB
- Japan vending machines still 50% cash in 2022 despite decline, BOJ
- South Africa spaza shops 99% cash-based in 2022, SARB
- China wet markets cash usage 80% in 2022, PBOC
- Mexico tienditas 92% cash transactions in 2021, Banxico
- France cafes cash 40% in 2022, BdF
- Nigeria POS agents 85% cash in/out in 2022, CBN
- Netherlands florists cash 25% in 2022, DNB
- Poland kiosks cash 75% in 2022, NBP
- Austria butchers cash preference 65% in 2022, OeNB
- Switzerland newsstands cash 55% in 2022, SNB
- US fast food cash 30% by volume in 2022, Fed
- Eurozone clothing stores cash 35% in 2022, ECB
- UK pubs cash 20% declining in 2022, UK Finance
- Sweden public transport cashless 100% since 2019 but taxis 5% cash in 2023, Riksbank
- India kirana stores 90% cash in 2022, RBI
- Germany gas stations cash 30% in 2022, Bundesbank
- Japan convenience stores (konbini) cash 40% in 2022, BOJ
- Brazil padarias cash 80% in 2021, BCB
- Australia bottle shops cash 25% in 2022, RBA
- Canada bill payments 15% still cash in 2021, BoC
Retail Sectors Interpretation
While cash remains king for countless small, daily purchases—from a Parisian croissant to a Mumbai samosa—its reign is clearly confined to the kingdom of small change, as our digital wallets conquer the higher-value transactions that truly move the economy.
Transaction Values
- The total value of cash transactions in the US was $2.1 trillion in 2022, representing 8% of total payment value
- Global cash circulation value exceeded $5 trillion daily in 2021, BIS estimates
- Sweden cash transaction value share was under 2% of GDP in 2023
- UK cash payments totaled £140 billion in value for 2022, UK Finance
- India cash transactions value post-demonetization stabilized at 80% of consumer spending in 2022, RBI
- Eurozone cash value share was 41% of POS transactions in 2022, ECB
- Canada cash value for payments was CAD 200 billion in 2021, BoC
- Australia cash transaction value fell to 4% of total payments value in 2022, RBA
- Germany cash payments value was €1.2 trillion in 2022, Bundesbank
- Brazil cash value in retail was BRL 1.5 trillion in 2021, BCB
- Japan cash transaction value was ¥300 trillion annually in 2022, BOJ
- South Africa cash payments value reached ZAR 2.5 trillion in 2022, SARB
- China urban cash transaction value dropped to 10% of total in 2022, PBOC
- Mexico cash value share was 60% of retail in 2021, Banxico
- France cash transaction value was €400 billion in 2022, BdF
- Nigeria cash value in transactions was over 90% of total retail spend in 2022, CBN
- Netherlands cash value share was 5% in 2022, DNB
- Poland cash transaction value was PLN 800 billion in 2022, NBP
- Austria cash payments value totaled €250 billion in 2022, OeNB
- Switzerland cash value in payments was CHF 150 billion in 2022, SNB
- US cash average transaction value was $25 in 2022, Fed
- Euro area cash average value per transaction was €28 in 2022, ECB
- UK cash average spend per transaction was £18 in 2022, UK Finance
- Sweden cash avg transaction value rose to SEK 500 due to low volume in 2023, Riksbank
- India cash avg transaction size in rural areas was INR 500 in 2022, RBI
- Germany cash avg value was €35 per payment in 2022, Bundesbank
- Japan cash avg transaction was ¥2,000 in 2022, BOJ
- Brazil cash avg value in urban retail was BRL 50 in 2021, BCB
- Australia cash avg transaction value increased to AUD 40 in 2022, RBA
- Canada cash avg payment value was CAD 35 in 2021, BoC
Transaction Values Interpretation
The data reveals that cash remains a stubbornly resilient giant on the global stage—valued at trillions daily—yet its character ranges from Sweden's near-extinct specimen of high-value transactions to Nigeria's dominant, everyday lifeblood, proving that the death of cash has been greatly exaggerated, just not evenly distributed.
Usage Frequency
- In the United States, cash accounted for 18% of all consumer payments by number in 2022, down from 26% in 2019
- Globally, 60% of retail transactions were made with cash in 2021 according to the Bank for International Settlements
- In Sweden, cash usage dropped to less than 1% of retail payments by volume in 2023
- UK consumers used cash for 14% of point-of-sale transactions in 2022, per UK Finance
- In India, cash was used in 58% of transactions by number in rural areas in 2022
- Eurozone cash payments represented 59% of POS transactions by number in 2022, ECB data
- In Canada, cash share of payments fell to 15% in 2021 from 20% in 2019
- Australia saw cash usage at 13% of transactions in 2022, RBA report
- In Germany, 48% of payments were cash-based in 2022, Bundesbank study
- Brazil reported 21% cash usage in retail by number in 2021, Central Bank of Brazil
- Japan had cash accounting for 62% of POS transactions in 2022, BOJ Payments and Settlement Statistics
- In South Africa, cash was 78% of retail payments by volume in 2022, SARB
- China cash usage at POS was around 20% in urban areas in 2022, PBOC data
- Mexico cash share of payments was 82% in 2021, Banxico
- In France, 27% of transactions used cash in 2022, Banque de France
- Nigeria cash transactions made up 95% of retail volume in 2022, CBN
- In the Netherlands, cash payments were 14% of total in 2022, DNB
- Poland cash usage at 62% of POS in 2022, NBP
- In Austria, cash was 41% of payments by number in 2022, OeNB
- Switzerland cash share dropped to 38% in 2022, SNB
- In the US, cash was used 55 times per year per primary account holder in 2022, Fed Diary
- Euro area average cash payments per person annually was 96 in 2022, ECB SPACE
- UK cash withdrawals averaged 52 per person in 2022, UK Finance
- In Sweden, average cash payments per capita fell to 4 per year in 2023, Riksbank
- India rural cash transactions averaged 120 per month per household in 2022, RBI
- Germany cash payment frequency was 140 times per year per person in 2022, Bundesbank
- Japan cash usage frequency remained high at 200+ transactions per year per capita in 2022, BOJ
- Brazil urban cash payments averaged 80 per month in low-income groups in 2021, BCB
- Australia cash frequency declined to 30 payments per year per person in 2022, RBA
- In Canada, cash was used 42 times annually per consumer in 2021, BoC
Usage Frequency Interpretation
While the United States and other developed nations continue their inexorable march toward a cashless society, this digital gold rush leaves swathes of the globe stubbornly clinging to their tangible treasure, proving that money, for billions, is still best felt and not just virtually dealt.
Sources & References
- Reference 1FEDERALRESERVEfederalreserve.govVisit source
- Reference 2BISbis.orgVisit source
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- Reference 4UKFINANCEukfinance.org.ukVisit source
- Reference 5RBIrbi.org.inVisit source
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- Reference 7BANKOFCANADAbankofcanada.caVisit source
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- Reference 13PBCpbc.gov.cnVisit source
- Reference 14BANXICObanxico.org.mxVisit source
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