Visualizing The Death Of Cash Transactions Around The World
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 below, via Visual Capitalist’s Nick Routley, 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.
| Country | Share of POS Transaction Value | Cash is leading payment method in country |
|---|---|---|
| Nigeria | 55% | ✔️ |
| Thailand | 46% | ✔️ |
| Philippines | 44% | ✔️ |
| Japan | 41% | ✔️ |
| Mexico | 38% | ✔️ |
| Spain | 38% | ✔️ |
| Indonesia | 38% | ✔️ |
| Vietnam | 38% | ✔️ |
| Germany | 36% | |
| Peru | 35% | ✔️ |
| Colombia | 34% | ✔️ |
| South Africa | 33% | |
| Turkïye | 33% | |
| Poland | 32% | |
| Malaysia | 32% | ✔️ |
| Saudi Arabia | 29% | |
| Argentina | 27% | ✔️ |
| Italy | 25% | |
| Taiwan | 25% | |
| Brazil | 22% | |
| Chile | 22% | |
| Ireland | 18% | |
| India | 18% | |
| UAE | 17% | |
| Belgium | 16% | |
| Singapore | 15% | |
| United States | 12% | |
| France | 12% | |
| United Kingdom | 10% | |
| South Korea | 10% | |
| Hong Kong SAR | 9% | |
| Denmark | 8% | |
| Finland | 7% | |
| Netherlands | 7% | |
| Australia | 7% | |
| China | 7% | |
| Canada | 6% | |
| New Zealand | 6% | |
| Sweden | 5% | |
| Norway | 4% |
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.
Tyler Durden
Thu, 06/27/2024 – 05:45
via ZeroHedge News https://ift.tt/B8epyiD Tyler Durden