The Global Cash Economy in 2024

Cash is on the decline around the world as consumers and businesses turn to digital transactions that provide a higher level of convenience and security. This report examines the factors that have motivated the shift away from cash towards digital payments. It also takes a look at countries that still heavily rely on cash transactions and the reasons for this. Finally, it provides a forecast of the payments landscape through to 2028 and examines the factors that will influence cash usage in the coming years.

While cash still plays an important role in the economy today, especially for underserved populations and individuals who are not tech-savvy, the use of cash is on the decline. Innovations including contactless cards and mobile wallets have made digital payments easier and more convenient than ever. Furthermore, the decline in cash usage was accelerated by the COVID-19 pandemic, as both the public and private sector made a concerted effort to promote digital payment methods to reduce virus transmission.

Scope

• The total volume of cash transactions across 63 countries fell by 20% from 1.1 trillion in 2013 to 888 billion in 2023.
• In 2023, cash accounted for 37% of all transactions by volume, compared to 73% in 2013, and it is forecasted to fall to 23% by 2028.
• Cash is being replaced by mobile wallets and card transactions around the world. India is a pre-eminent example in this regard, more than doubling the volume of mobile wallet transactions every year between 2012 and 2020.
• Instant payments are skyrocketing in countries such as Brazil and India, totaling 51 billion and 128 billion transactions in 2023, respectively.

Reasons to Buy

• Understand how cash is being used across the globe today.
• Identify key trends that have been influencing the decline in cash usage over time.
• Learn about the role cash will continue to play in society in the future.