# New research reveals the countries leaving cash behind Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-09-29 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Cash Payments Declining Across Europe: 2021 Trends Revealed Meta Description: Discover the latest data on the decline of cash payments in Europe in 2021. See which countries are moving towards a cashless society and where tradition still URL: https://financedigest.com/new-research-reveals-the-countries-leaving-cash-behindhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/dollars-cash-and-cash-in-words-sbi-300186509-1736837738409-compressed.jpg) According to new figures, cash payments are on the decline across Europe as countries began leaving tangible currency behind. The figures come from Finance.au’s [research](https://finance.ua/en/the-countries-pioneering-non-cash-payments), after their experts analysed global trends. Their analysis involved looking into the countries that have reported higher numbers of non-cash transactions. They also found where in the world cash currency is holding on, to reveal the countries who are happy with tradition. **2021** In 2021, the Czech Republic saw the most amount of [people ditching cash](https://www.financedigest.com/more-than-a-third-of-people-think-cash-will-become-obsolete-in-the-next-25-years.html "More Than a Third of People Think Cash Will Become Obsolete in the Next 25 Years"). This [comes after a recorded decrease of 49% in cash payments](https://www.financedigest.com/e-commerce-without-frontiers-not-when-it-comes-to-payment-2.html "E-commerce without frontiers? Not when it comes to payment") – more than any other country. However, using cash for purchases in Bulgaria is still popular, as the analysis revealed a decrease of 18% cash [payments in the last two years](https://www.financedigest.com/the-year-ahead-top-payments-trends-to-watch-out-for-in-2022.html "The year ahead: Top payments trends to watch out for in 2022"). Meanwhile, Sweden had the least amount of change in it’s numbers. Starting at an already [low 13% of payments being made with cash](https://www.financedigest.com/monte-dei-paschis-cash-call-93-covered-so-far-despite-low-shareholder-take-up.html "Monte dei Paschi’s cash call 93% covered so far despite low shareholder take-up"), since 2019 the country has seen a reduction of nearly 11%. Britain is [following a similar trend](https://www.financedigest.com/market-turmoil-a-boon-for-trend-following-hedge-funds.html "Market turmoil a boon for trend-following hedge funds") but at a much slower pace. The analysis showed that the island [recorded a 21% drop](https://www.financedigest.com/bentley-cruises-to-record-sales-in-2022-despite-china-drop.html "Bentley cruises to record sales in 2022 despite China drop") in cash payments over the last two years, with the most significant decrease being between 2020 and 2021 of 10%. ![Countries leaving cash behind](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/countries-450x374-1736837738321-compressed.jpg) **2020** [Seeing a drop](https://www.financedigest.com/switzerlands-clariant-sees-slight-sales-drop-in-2023.html "Switzerland’s Clariant sees slight sales drop in 2023") in cash payments in 2020 is to be expected after multiple lockdowns across the countries. But figures highlighted Denmark as being the country most affected as just 1% of all [payments made by the Danes were made with cash](https://www.financedigest.com/real-time-payments-growing-obsolescence-cash.html "Real-Time Payments and The Growing Obsolescence of Cash"). The Czech Republic showed a similar trend. In comparison to 61% of [payments being made with cash](https://www.financedigest.com/mypos-the-first-mobile-card-payment-technology-to-feel-like-cash-launches-in-the-uk.html "myPOS – the first mobile card payment technology to feel like cash – launches in the UK") in 2019, the country’s cash payments dropped by 15% in 2020. Regarding the amount of [change seen in a country’s cash payments](https://www.financedigest.com/open-banking-the-real-step-change-for-the-global-payments-industry.html "Open banking: The real step change for the global payments industry"), Italy saw the biggest difference. 38% of the Italian’s [payments were made](https://www.financedigest.com/nearly-half-the-nation-believe-all-payments-will-be-made-in-app-by-2022.html "Nearly half the nation believe all payments will be made in-app by 2022") with cash in 2020, in comparison to the 57% in 2019 – the pandemic may have been the cause of this 19% drop. **2019** 2019 figures highlighted Iceland as [leading the way for leaving cash in the past year](https://www.financedigest.com/three-waves-of-fintech-disruption-leading-trends-for-the-year-ahead.html "Three waves of Fintech disruption: Leading trends for the year ahead"). So much so that 8% of the country’s overall payments were made with cash, leaving the Icelandic króna behind and becoming an almost [cashless society](https://www.financedigest.com/four-reasons-why-smes-in-developing-nations-should-embrace-a-cashless-society.html "Four reasons why SMEs in developing nations should embrace a cashless society"). In fact, cash is even more redundant here as tipping for services and [VAT taxes](https://www.financedigest.com/goodbye-to-all-vat-eu-indirect-tax-after-brexit.html "GOODBYE TO ALL VAT? EU INDIRECT TAX AFTER BREXIT") are always included in prices. Figures showed that for some countries, there’s no clear ‘winner’. In Ukraine, there’s an even split of cash and non-cash payments. The [research highlighted Romania and Albania as holding](https://www.financedigest.com/fear-of-failure-holding-back-british-entrepreneurs-new-research-finds.html "Fear Of Failure Holding Back British Entrepreneurs, New Research Finds") onto their cash instead of the electronic counterpart. 76-100% of Romanian’s made their payments made with cash during 2019 whilst 88% of Albanians’ purchases were made with cash. However, [analysis revealed that Finland actually saw an increase in cash](https://www.financedigest.com/analysis-investors-face-expensive-quest-for-year-end-cash-and-safe-assets.html "Analysis-Investors face expensive quest for year-end cash and safe assets") payments between 2019 and 2020. Figures showed that the country [recorded a 7% increase in payments made with cash](https://www.financedigest.com/credit-suisse-shares-hit-record-low-after-report-bank-is-looking-to-raise-cash.html "Credit Suisse shares hit record low after report bank is looking to raise cash"), going from 17% in 2019 to 24% in 2020. Overall, these changes seem to [reflect the constantly shifting landscape of electronic payment](https://www.financedigest.com/5-predictions-for-payments-landscape-in-2022-and-our-reflections-on-2021.html "5 Predictions for Payments Landscape in 2022 and our reflections on 2021") methods replacing traditional. As countries across the world return to their [‘new normal’](https://www.financedigest.com/how-banks-can-triumph-in-the-new-normal.html "HOW BANKS CAN TRIUMPH IN THE ‘NEW NORMAL’") and technology advances, perhaps we will see these figures shift. But a strong sense --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---