While no country is entirely cashless, Sweden is widely considered the closest, leading the world with digital payments dominating, followed by other Nordic nations like Norway and Finland, plus China and South Korea, all seeing minimal cash use and high adoption of mobile/card payments, though some concerns remain about financial inclusion and tracking.
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.
Why Is Cash Usage Declining?
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.
Sweden is widely regarded as the most cashless society on the planet. Most of the country's bank branches have stopped handling cash; many shops, museums and restaurants now only accept plastic or mobile payments…
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.
Today, the country is once again leading a financial revolution — this time by nearly eliminating cash altogether. According to the Swedish central bank, only 8% of the population used cash in 2022, and the amount of physical currency in circulation has dropped by half since 2007.
While major cities and tourist areas in Mexico typically accept debit cards, some smaller shops, local vendors, or remote locations may only accept cash. Carrying some Mexican pesos for these situations is always a good idea.
Dedollarisation in commodities sector
Instead of paper and coin currency, residents are given account numbers to connect to their central account. Visitors are requested to get a temporary account and an Aurocard, a special debit card for its citizens. Residents of Auroville are expected to make a monthly contribution to the community.
Cards and cashless payments are the primary payment methods in the USA. Although cash is slowly becoming less common, it's still wise to carry a small amount to be prepared for any situation.
Sweden's central bank's call for cash protection
At the moment, even though cash is legal tender, Swedish businesses are allowed to refuse it thanks to a 2015 ruling from the Swedish Supreme Administrative Court. But that's not the only instruction to protect cash across Sweden.
China is a predominantly a cashless payment society, but cash is still a legal tender, it's illegal for any retailer or vendor to refuse cash, having said that if your intension is using cash the advice is to carry some small notes as small vendors may not have the right change.
In this episode, we unpack new findings from the Bank of Canada's 2024 Methods-of-Payment Survey—evidence that cash remains a cornerstone of Canada's payment system. Despite rapid digitalisation, cash use has held steady, with 79% of Canadians saying they have no plans to stop using it.
Although it seems as though digital payment systems are slowly replacing cash in everyday life, cash will by no means disappear by 2025. Very few people leave the house without any cash in their wallets. Whether it's for parking meters, change, or tips, you never know when you might need it.
Whether you are carrying money for yourself or for others, if the total amount is over $10,000, you must declare it by filing FinCEN Form 105 at the required time. If you are transporting money for other people as a business, you likely need to be a federally registered and state-licensed money transmitter.
"Every euro above €10,000 will become illegal tender," according to a post which has attracted more than 2.6 million views and which says that "cash will soon be contraband" under EU law. In reality, the EU hasn't banned cash.
United States. The United States is the world's richest country by a wide margin. It's a global hub for finance, tech, energy, and entertainment.
The highest poverty rates in the United States are in the U.S. territories (American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands). American Samoa has the lowest per capita income in the United States — it has a per capita income comparable to that of Botswana.
Sudan. Sudan stands at a tragic crossroads, a nation rich in history and potential but torn apart by war and economic collapse. Although geographically part of Africa, Sudan is a key member of the Arab League and frequently listed among the poorest Arab countries in the world.
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.
The countries closest to going cashless