**Fatshimetrie: The 10 Countries Where Cash Transactions Are Most Common**
In today’s digital age, where cashless payments are increasingly popular, it is interesting to see that the use of cash remains predominant in many countries around the world. According to the Global Payments Report 2024, cash payments accounted for 16% ($6 trillion) of the total value of global transactions in 2023.
One of the countries where the use of cash remains widespread is Nigeria, where more than 90% of transactions are still done in cash in 2019. However, it is encouraging to note that the volume of cash transactions in the country has seen a decline, falling to 55% today.
Here is the list of the 10 countries where cash payments are most common, with their share of the total value of cash transactions:
1. **Nigeria: 55%**
2. **Thailand: 46%**
3. **Philippines: 44%**
4. **Japan: 41%**
5. **Mexico: 38%**
6. **Spain: 38%**
7. **Indonesia: 38%**
8. **Vietnam: 38%**
9. **Germany: 36%**
10. **Peru: 35%**
While some countries like Canada, New Zealand, Australia and most of the Nordic countries have fully adopted electronic payments, the report predicts that France, Singapore, South Korea, the United Kingdom and the United States -United States will fall below the threshold of 10% of the total value of cash transactions by 2027.
Nigeria has made significant improvements in cash usage, as evidenced by the rise in cashless payments to N237 trillion in the first quarter of 2024, an 88% increase from N126 trillion. naira recorded in Q1 2023.
The Nigeria Interbank Settlement System (NIBSS) highlighted the various means used for these transactions, including online banking, mobile applications, Unstructured Supplementary Service Data (USSD), electronic payment terminals (POS), ATMs, etc.
This data reveals the coexistence of a hybrid financial world, with a gradual transition to digital payments in many countries, while recognizing the continued importance of cash in the global economy.