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.