Sweden is widely considered the country closest to becoming entirely cashless. With less than 5% of transactions involving physical cash and only 1% of its GDP represented by cash, the country is leading the global shift, with many banks no longer handling cash. The widespread use of the digital payment app Swish and high trust in digital infrastructure make it a leader in the cashless movement.
Hong Kong. Hong Kong is quickly heading towards a cashless society, with initial predictions even suggesting that 2025 could be the year that the country goes fully cash-free. ...
Sweden. Sweden is one of the countries at the forefront of the cashless movement. ...
Sweden has officially become the first country in the world to go completely cashless. Almost every shop, café, and public transport system in Sweden now accepts only digital payments like cards or mobile apps. The popular app “Swish,” launched in 2012, is used by millions of Swedes to send and receive money instantly.
Not yet. However, a 2024 report from the International Monetary Fund suggests that we might not be too far away from seeing the first. It suggested that Sweden would be the first completely cashless economy as soon as the end of 2025. This is unlikely to happen now, though.
Sweden leads the Nordic countries—and all other nations worldwide—in its efforts to become a cashless economy. But countries such as Finland and Norway also aim to have their economies dominated by digital payments.
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Is Spain going cashless?
At present, cash continues to be the most common means of payment for purchases in physical shops in Spain and is still widely used in Spanish society. Looking ahead, consumers' expectations show signs of a moderate shift in their payment habits towards digital means of payment.
Is China completely cashless? China is not entirely cashless. While mobile payments account for the majority of transactions, the People's Bank of China is taking steps to ensure cash remains in circulation.
To put it abruptly, yes, shops in the UK can legally refuse cash payment. While cash is considered a legal tender, businesses have no legal obligation to accept it and have the right to set their own payment policies.
UK Finance research has shown that 39% of adults live an almost cashless life. As well as predicting that cash payments in the UK will continue to decline, and that by 2031, cash will account for 6% of all payments.
Crime, including theft and robbery, is also generally reduced in a cashless society. While cash is essentially untraceable, digital payments are easier to track and credit or debit cards can quickly be cancelled if stolen.
The risk of other crimes such as identity theft, account takeovers, and fraudulent transactions will also increase when digital payments become the only option. Many banks are also relying on outdated infrastructure with decades-old IT systems increasing the risk of glitches, crashes, and mistakes.
One of the disadvantages of cashless payment is the breach of data by hackers and loss of money due to fraudulent transactions. However, there are counter measures implemented to prevent frauds.
The limited availability of cash in Sweden has caused difficulties for smaller boutiques, shops, and convenience stores, which depend on cash, as they can no longer deposit their daily takings or obtain any change. Non-profit organisations, which are very common in Sweden, have also experienced an outsized impact.
1 in digital payments? India has emerged as the global leader in fast payments, according to a recent note by the International Monetary Fund. This is primarily driven by the Unified Payments Interface (UPI), which processes billions of transactions monthly.
Legislation needs to be passed to oppose the discriminatory practice of refusing cash payments. Parliament needs to protect the rights of its citizens to use cash to purchase goods and services.
It is not illegal to keep cash at home in the UK, but it should be stored securely to mitigate risks. The amount of cash to have on hand varies, but a small amount for emergencies is recommended while keeping most in a secure bank account.
Tesco caused uproar among shoppers this week when it confirmed it would ban cash payments at some of its cafes. The card-only policy will be rolled out to 40 in-store eateries. The supermarket has reportedly taken the decision after a new electronic ordering system helped to significantly cut down queues.
There is also a practical security advantage with cash. Although debit and credit cards often have personal identification numbers (PIN) and chips for extra security, there is less risk of identity theft or your information getting stolen online when using cash.
Is it illegal to pay someone cash in hand in the UK?
Cash-in-hand payments are legal but must follow strict tax and employment law rules. You must deduct and report tax and National Insurance and ensure staff receive payslips and legal entitlements.
You can buy four carrots or four onions, 10 green chilies, 1. 2 kilograms bananas, two kilograms oranges, This is a specialty snack store. And $1 can buy two Oreos, or four cans of Coke, two Snickers, a chocolate bar, and what a $1 lunch looks like.
Some observers argue that China's so-called "ghost cities" are better understood as ambitious urbanization projects built ahead of demand. A 2021 Bloomberg article cited geography professor Max Woodworth who explained these developments often resemble fully constructed cities but lack immediate population inflow.
