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
1In the US, 55% of consumers aged 60+ prefer cash for payments compared to 12% under 30 in 2022
Verified2Globally, low-income households use cash 3x more frequently than high-income in 2021, BIS
Verified3Sweden cash preference among over-65s was 20% vs 1% under-35 in 2023
Verified4UK 18-34 year olds used cash only 6% of time vs 27% for 75+ in 2022
Directional5India women in rural areas used cash 70% more than urban men in 2022, RBI
Single source6Eurozone seniors over 65 made 80% of payments in cash in 2022, ECB
Verified7Canada immigrants used cash 25% more than native-born in 2021, BoC
Verified8Australia low SES groups used cash 40% vs 10% high SES in 2022, RBA
Verified9Germany rural residents used cash 55% vs 40% urban in 2022, Bundesbank
Directional10Brazil unbanked population (45% adults) relied 90% on cash in 2021, BCB
Single source11Japan elderly over 70 used cash for 75% of payments in 2022, BOJ
Verified12South Africa informal sector workers used cash 95% in 2022, SARB
Verified13China rural farmers used cash 60% more than city dwellers in 2022, PBOC
Verified14Mexico indigenous communities had 95% cash reliance in 2021, Banxico
Directional15France low-income used cash 45% vs 15% high-income in 2022, BdF
Single source16Nigeria youth under 25 used mobile money more but cash still 80% for all ages in 2022, CBN
Verified17Netherlands over-75s used cash 30% vs 5% under-25 in 2022, DNB
Verified18Poland women used cash 10% more than men in 2022, NBP
Verified19Austria small business owners preferred cash 60% in 2022, OeNB
Directional20Switzerland low-education groups used cash 50% more in 2022, SNB
Single source21US Hispanics used cash 30% more than average in 2022, Fed
Verified22Eurozone unemployed used cash 70% of payments vs 40% employed in 2022, ECB
Verified23UK disabled consumers relied on cash 25% more in 2022, UK Finance
Verified24Sweden tourists used cash 15% vs locals 1% in 2023, Riksbank
Directional25India seniors over 60 used cash 85% vs 50% youth in 2022, RBI
Single source26Germany blue-collar workers used cash 60% vs 30% white-collar in 2022, Bundesbank
Verified27Japan single-person households used cash less at 50% vs families 70% in 2022, BOJ
Verified28Brazil Northeast region cash use 80% vs South 40% in 2021, BCB
Verified29Australia indigenous Australians used cash 70% more in 2022, RBA
Directional30Canada rural residents cash preference 30% vs urban 10% in 2021, BoC
Single sourceDemographics 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
1US grocery stores accepted cash for 90% of transactions by volume but only 20% by value in 2022
Verified2Global supermarkets saw cash usage at 40% by number in 2021, BIS
Verified3Sweden restaurants cash acceptance dropped to 10% in 2023
Verified4UK convenience stores cash payments 35% in 2022, UK Finance
Directional5India street vendors 98% cash-only in 2022, RBI
Single source6Eurozone fuel stations cash share 25% by value in 2022, ECB
Verified7Canada pharmacies cash usage 22% in 2021, BoC
Verified8Australia markets and fairs 85% cash in 2022, RBA
Verified9Germany bakeries cash payments 70% in 2022, Bundesbank
Directional10Brazil informal markets 95% cash in 2021, BCB
Single source11Japan vending machines still 50% cash in 2022 despite decline, BOJ
Verified12South Africa spaza shops 99% cash-based in 2022, SARB
Verified13China wet markets cash usage 80% in 2022, PBOC
Verified14Mexico tienditas 92% cash transactions in 2021, Banxico
Directional15France cafes cash 40% in 2022, BdF
Single source16Nigeria POS agents 85% cash in/out in 2022, CBN
Verified17Netherlands florists cash 25% in 2022, DNB
Verified18Poland kiosks cash 75% in 2022, NBP
Verified19Austria butchers cash preference 65% in 2022, OeNB
Directional20Switzerland newsstands cash 55% in 2022, SNB
Single source21US fast food cash 30% by volume in 2022, Fed
Verified22Eurozone clothing stores cash 35% in 2022, ECB
Verified23UK pubs cash 20% declining in 2022, UK Finance
Verified24Sweden public transport cashless 100% since 2019 but taxis 5% cash in 2023, Riksbank
Directional25India kirana stores 90% cash in 2022, RBI
Single source26Germany gas stations cash 30% in 2022, Bundesbank
Verified27Japan convenience stores (konbini) cash 40% in 2022, BOJ
Verified28Brazil padarias cash 80% in 2021, BCB
Verified29Australia bottle shops cash 25% in 2022, RBA
Directional30Canada bill payments 15% still cash in 2021, BoC
Single sourceRetail 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
1The total value of cash transactions in the US was $2.1 trillion in 2022, representing 8% of total payment value
Verified2Global cash circulation value exceeded $5 trillion daily in 2021, BIS estimates
Verified3Sweden cash transaction value share was under 2% of GDP in 2023
Verified4UK cash payments totaled £140 billion in value for 2022, UK Finance
Directional5India cash transactions value post-demonetization stabilized at 80% of consumer spending in 2022, RBI
Single source6Eurozone cash value share was 41% of POS transactions in 2022, ECB
Verified7Canada cash value for payments was CAD 200 billion in 2021, BoC
Verified8Australia cash transaction value fell to 4% of total payments value in 2022, RBA
Verified9Germany cash payments value was €1.2 trillion in 2022, Bundesbank
Directional10Brazil cash value in retail was BRL 1.5 trillion in 2021, BCB
Single source11Japan cash transaction value was ¥300 trillion annually in 2022, BOJ
Verified12South Africa cash payments value reached ZAR 2.5 trillion in 2022, SARB
Verified13China urban cash transaction value dropped to 10% of total in 2022, PBOC
Verified14Mexico cash value share was 60% of retail in 2021, Banxico
Directional15France cash transaction value was €400 billion in 2022, BdF
Single source16Nigeria cash value in transactions was over 90% of total retail spend in 2022, CBN
Verified17Netherlands cash value share was 5% in 2022, DNB
Verified18Poland cash transaction value was PLN 800 billion in 2022, NBP
Verified19Austria cash payments value totaled €250 billion in 2022, OeNB
Directional20Switzerland cash value in payments was CHF 150 billion in 2022, SNB
Single source21US cash average transaction value was $25 in 2022, Fed
Verified22Euro area cash average value per transaction was €28 in 2022, ECB
Verified23UK cash average spend per transaction was £18 in 2022, UK Finance
Verified24Sweden cash avg transaction value rose to SEK 500 due to low volume in 2023, Riksbank
Directional25India cash avg transaction size in rural areas was INR 500 in 2022, RBI
Single source26Germany cash avg value was €35 per payment in 2022, Bundesbank
Verified27Japan cash avg transaction was ¥2,000 in 2022, BOJ
Verified28Brazil cash avg value in urban retail was BRL 50 in 2021, BCB
Verified29Australia cash avg transaction value increased to AUD 40 in 2022, RBA
Directional30Canada cash avg payment value was CAD 35 in 2021, BoC
Single sourceTransaction 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
1In the United States, cash accounted for 18% of all consumer payments by number in 2022, down from 26% in 2019
Verified2Globally, 60% of retail transactions were made with cash in 2021 according to the Bank for International Settlements
Verified3In Sweden, cash usage dropped to less than 1% of retail payments by volume in 2023
Verified4UK consumers used cash for 14% of point-of-sale transactions in 2022, per UK Finance
Directional5In India, cash was used in 58% of transactions by number in rural areas in 2022
Single source6Eurozone cash payments represented 59% of POS transactions by number in 2022, ECB data
Verified7In Canada, cash share of payments fell to 15% in 2021 from 20% in 2019
Verified8Australia saw cash usage at 13% of transactions in 2022, RBA report
Verified9In Germany, 48% of payments were cash-based in 2022, Bundesbank study
Directional10Brazil reported 21% cash usage in retail by number in 2021, Central Bank of Brazil
Single source11Japan had cash accounting for 62% of POS transactions in 2022, BOJ Payments and Settlement Statistics
Verified12In South Africa, cash was 78% of retail payments by volume in 2022, SARB
Verified13China cash usage at POS was around 20% in urban areas in 2022, PBOC data
Verified14Mexico cash share of payments was 82% in 2021, Banxico
Directional15In France, 27% of transactions used cash in 2022, Banque de France
Single source16Nigeria cash transactions made up 95% of retail volume in 2022, CBN
Verified17In the Netherlands, cash payments were 14% of total in 2022, DNB
Verified18Poland cash usage at 62% of POS in 2022, NBP
Verified19In Austria, cash was 41% of payments by number in 2022, OeNB
Directional20Switzerland cash share dropped to 38% in 2022, SNB
Single source21In the US, cash was used 55 times per year per primary account holder in 2022, Fed Diary
Verified22Euro area average cash payments per person annually was 96 in 2022, ECB SPACE
Verified23UK cash withdrawals averaged 52 per person in 2022, UK Finance
Verified24In Sweden, average cash payments per capita fell to 4 per year in 2023, Riksbank
Directional25India rural cash transactions averaged 120 per month per household in 2022, RBI
Single source26Germany cash payment frequency was 140 times per year per person in 2022, Bundesbank
Verified27Japan cash usage frequency remained high at 200+ transactions per year per capita in 2022, BOJ
Verified28Brazil urban cash payments averaged 80 per month in low-income groups in 2021, BCB
Verified29Australia cash frequency declined to 30 payments per year per person in 2022, RBA
Directional30In Canada, cash was used 42 times annually per consumer in 2021, BoC
Single sourceUsage 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
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- Reference 2BISbis.orgVisit source
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- Reference 5RBIrbi.org.inVisit source
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