Which European countries use cash the most?

Germany and Austria stand out as frontrunners in cash usage, with staggering statistics reflecting their reliance on tangible currency. Cash accounts for approximately 71% of transactions in Germany and 79% in Austria. Cultural factors deeply embedded in both societies contribute to this preference for cash.

Which country uses the most cash?

Is cash king in Europe?

Cash is Still King in Europe, but Declining Rapidly. While industry narratives often downplay the role of cash, cash remains a significant payment method at the European point-of-sale (POS). However, European policy initiatives present a unique contrast with concerted governmental efforts to reduce cash usage.

Is the UK mostly cashless?

While digital adoption is increasing, 63% of respondents say they are unlikely to go completely cashless in the next 12 months. Only 8% report being entirely cashless today, up from 6% in late 2024. Graham Mott, LINK Director of Strategy. “Cash remains a critical part of the UK's payment landscape.

What percentage of European payments are cash?

Cash remains a key payment method in Europe, but its share continues to decline. Digital payments are on the rise in the euro area, but cash was still the payment instrument used most often at points of sale (POS) in 2024. More than half (52%) of all POS transactions were paid in cash in 2024.

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Which European countries prefer cash?

Germany and Austria stand out as frontrunners in cash usage, with staggering statistics reflecting their reliance on tangible currency. Cash accounts for approximately 71% of transactions in Germany and 79% in Austria. Cultural factors deeply embedded in both societies contribute to this preference for cash.

What percentage of the UK uses cash?

Cash was used for 51% of all payments in 2013, but by 2023 this had fallen to 12%. UK Finance attributed this decrease to consumers increasingly preferring digital and card payments.

Is cash dying out in the UK?

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.

Which country is closest to being cashless?

Countries Leading the Race: Sweden is widely considered the leader in the cashless race, with the country potentially eliminating physical cash by 2024. Other countries making significant strides include Norway, the Netherlands, Finland, China, and the UK.

Can you legally refuse cash in the UK?

In short: Yes, UK law allows private businesses to refuse cash if they wish. While the Bank of England issues 'legal tender', this term only applies to settling debts, not requiring shops or services to accept cash outright.

Is it better to carry cash or card in Europe?

While card payments are widely accepted in most European cities, it's still smart to carry some euros—especially for transport, tips, small purchases and rural areas where cash is king. As a general guide, we recommend starting your trip with €2,000 in cash.

Does Belgium still use cash?

Cash Payments

While it can seem like cash is a relic of the past, it's still in fact the most common means of payment (at POS) across the EUR area, accounting for 52% of payments.

Is cash popular in Denmark?

The use of cash for payments has halved from 2017 to 2023 in Denmark. There are therefore many indications that more Danes are choosing not to use cash as a means of payment in stores.

Which country will stop using cash?

Sweden is not the only Nordic country backpedalling on plans for a cashless society. Last year Norway, which has a popular equivalent to Swish called Vipps MobilePay, brought in legislation that means retailers can be fined or sanctioned if they will not accept cash.

What is the richest country in the world in cash?

The world's richest country—or rather, countries

Several appear at or close to the top of all three—Switzerland, Singapore and Norway. In pure dollar terms, the richest country by income is Switzerland with average annual earnings of more than $104,000 in 2024, the only country to average over the $100 mark.

Which country doesn't use cash?

So far, Norway, Sweden and Finland have been leading the way for cashless payments. Most of Sweden's bank branches have now stopped handling cash, while many shops and restaurants will only accept card and mobile payments.

Will Britain ever be cashless?

We have been issuing banknotes for over 300 years and make sure the banknotes we all use are of high quality. While the future demand for cash is uncertain, it is unlikely that cash will die out any time soon.

Which country is 100% cashless?

A 2024 report by the International Monetary Fund shows that countries like Sweden, Norway, and South Korea are leading the global shift, with Sweden on track to become the first fully cashless economy by the end of 2025.

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.

Why do banks want to get rid of cash?

A "war on cash" is defined as the use and promotion of digital currency. Cash is often traced to criminal activities such as money laundering and tax evasion. Using digital money creates a data trail as all transactions are handled using computers and the internet.

Is cash still king in the UK?

72% of 16-24 year olds now regularly use mobile payment services. This increase is reflected across all age groups, with 27% of those aged 45-54 now also regularly using this method. However, cash still remains a popular choice for making payments. Cash was used in a fifth of shop transactions last year.

How much cash can you carry legally from the UK?

If you're travelling abroad from the UK with £10,000 cash or more, you'll need to declare it with UK customs. This includes notes and coins, bearer bonds, travellers' cheques and other cheques (including those that are signed but not made out to a person or organisation).

How much cash does the average person have in savings in the UK?

According to a 2024 Finder survey, the average UK person has £11,185 in savings, but it's important to remember this is a mean average across all savings accounts.

Why do some people only use cash?

Paying cash is highly secure because you do not need to give up any kind of information about yourself or your bank accounts. Cash transactions do not require any form of identification or passwords that can be compromised.

Should I carry cash in the UK?

While the UK is not exactly a cash-based society, cash is still the primary payment method, especially in rural towns or villages and the countryside. You can use credit, debit and travel cards to make purchases in major cities such as London, Manchester, and Birmingham.