In Argentina, cash is used for 4% of e-com transactions

Sep 12, 2023


The 2023 Global Payments Report from fintech company FIS shows ‘cash continues to play an essential role in most economies’, accounting for over $7.6 trillion in consumer spending throughout 2022.

Cash remains the most-used payment option across Africa and the Middle East, and Latin America, with the rate of decline in its use seen during the pandemic levelling off. Around the world, while its use has dropped in many countries, it remains steady in some and has seen modest rises in others. In Italy, the share of cash transactions at point of sale (POS) remained steady in 2021 and 2022 at 27%, while it rose in America from 11 to 12%, and in France from nine to 10%.

Globally, cash accounts for 16% of POS payments, while debit cards are used for 23%, credit cards for 26% and digital wallets for 32%.

POS Cash Use by Region

  • 15% in Asia Pacific
  • 22% in Europe
  • 31% in Latin America
  • 43% in Africa and the Middle East
  • 12% in North America

Highest Cash Users at POS

  • Nigeria (62%)
  • Thailand (56%)
  • Japan (51%)
  • Spain (44%)
  • Germany (39%)
  • Saudi Arabia (39%)
  • Mexico (39%)
  • Colombia (36%)

Factors Affecting Cash Use

The report notes that some governments are ‘actively promoting a move away from cash’ (Brazil, India and Thailand) while others are introducing legislation aimed at defending cash access and usage in support of financial inclusion. Examples of these divergent approaches include proposed cash limiting measures being voted on in the EU versus America’s Payment Choice Act, which could see existing state- and city-wide requirements for businesses to allow cash payments expanded nationwide.

Last Updated: Sep 12, 2023