According to recent statistics, Morocco leads the world when it comes to cash payments.
Based on data collected in 2022,:
- 74% of all payments in Morocco are cash-based, with
- 71% of the population not having their own bank account, and
- Only 0.2% owning a credit card
Interestingly, 84% of the Moroccan population have access to the internet, so this preference for cash is likely not due to any internet issues.
Egypt and Kenya follow in second and third after Morocco.
- 60% of all payments in Egypt are cash-based, and
- 67% of the population don’t own a bank account
whereas in Kenya:
- Only 40% of payments are cash-based, and
- Less than half the population are unbanked
Number four also goes to an African country, Nigeria, whose population has low internet access (36%) and credit card use (3%).
When the question is filed to ‘which countries are closest to a completely cashless society,’ the European nation, Norway, leads the world.
- Cash accounts for only 2% of all payments in Norway
- 100% of its population own a bank account, with
- 71% also owning a credit card
The list, as seen below, is dominated by countries in Europe.
The analysis also looked at the most popular digital wallets in the world.
Digital wallets are contributing to the decrease in cash use allowing users to make cashless payments via a portable device such as a mobile phone or smartwatch.
In 2013, AliPay surpassed PayPal as the world’s most popular mobile payment platform, and still holds the top spot nearly ten years later,with 1.3 billion users.
WeChat Pay and Apple Pay aren’t far behind, with 900 million and 507 million users respectively.
American giant, PayPal, which ranked as the fourth most popular mobile payment platform in 2021, has since dropped to fifth and been replaced by Google Pay.
Google Pay now has 421 million active users, which is over 40 million more than Paypal’s 377 million.
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