A globally and completely cashless society is not imminent and may never fully arrive; however, several countries are on track to become "functionally" cashless within the next decade. This transition is driven by technology and consumer preference for digital payments, a trend accelerated by the COVID-19 pandemic.
Key Takeaways. A cashless society is coming: Due to the influence of COVID-19 and the growing popularity of digital payment methods like digital wallets, digital payment apps, and cryptocurrency, the US is well on its way to becoming a cashless society.
Finance experts believe that Australia is well on its way to being cashless, and that the change could come as soon as 2030.
How Close Are We? As of 2024, 85% of global point-of-sale (POS) transactions are cashless. In the U.S., that number is even higher at 86.9%. By 2027, projections show 94.1% of U.S. payments and 89% of global POS transactions will be cashless, showing us that we are much closer than we think.
Australia isn't officially going "cashless" by a specific date, but experts predict it will become a "functionally" cashless society by 2030, meaning digital payments will dominate (over 90%), though cash will remain legal tender. This shift is driven by high digital usage, but concerns remain for some, leading to proposed government mandates requiring businesses to accept cash, starting with essential services in 2026 for businesses above a certain turnover.
Sweden is widely considered the country closest to being cashless, with a significant majority of transactions being digital, driven by mobile apps like Swish and high trust in digital infrastructure, though Norway, Finland, and South Korea are also leading the global shift. While some sources predicted Sweden would be fully cashless by 2025, the central bank is now pushing for cash protections, acknowledging its continued need for inclusivity, even as cash use falls below 5% in many top nations.
From paper to polymer banknotes
We have been issuing banknotes for over 300 years and make sure the banknotes we all use are of high quality. While the future demand for cash is uncertain, it is unlikely that cash will die out any time soon.
Cash use has been declining for years, but cash isn't close to going away. In 2022, there were a staggering 70 billion cash transactions, making it the third-most-common payment method.
The Benefits of a Cashless Society
They don't have to deposit as much cash every day and can more easily balance their books, since electronic-transfer-based sales can immediately and seamlessly enter computer systems. If you're not carrying hundreds of dollars in cash, you're less of a target for robbery.
Yes, your money is safe in the bank as long as it's in an FDIC-insured institution, and we recommend keeping it there in 2026. See our list of the safest banks in the U.S. During times of economic uncertainty, it's common to worry about your security.
Digital payments in China
Mobile payments, which have become the norm for 88% of Chinese consumers, are increasingly popular for daily transactions, reflecting the country's widespread adoption of cashless systems.
Making your withdrawal securely
5G will not replace the 4G network. The two networks will work together. The Optus 5G mobile network is currently available within selected Australian suburbs. Outside of 5G coverage areas, 5G capable devices will switch to the Optus 4G network.
The Access to Cash Review was set up by ATM network provider Link to help understand how consumers use cash and how behaviours will change as we head into the 2030s. It predicted that society would be at the point of being 'virtually cashless' by 2035, with fewer than 10% of transactions being made in cash.
Ways to Prevent Crypto Scams:
Avoid buying into a cryptocurrency solely based on hype or sudden price increases. Trade on secure platforms: Stick to reputable cryptocurrency exchanges. Avoid clicking on links from unsolicited emails or messages and always verify the URL before entering any sensitive information.
The downsides of going cashless include less privacy, greater exposure to hacking, technological dependency, magnifying economic inequality, and more. Credit and debit cards, electronic payment apps, mobile payment services, and virtual currencies in use today could pave the way to a fully cashless society.
The poorest countries rely most on cash: Myanmar (98%), Ethiopia (95%), and Gambia (95%) top the list, reflecting limited banking infrastructure. Wealthy nations are nearly cashless: Sweden (14%), Norway (10%), and South Korea (10%) show how digital payment infrastructure correlates with economic development.
Giving people the freedom to pay with physical cash provides accessibility to those who do not have bank accounts and consumers with privacy concerns associated with credit or debit card use. This trend toward protecting continued cash usage provides a clear answer to the question of “will cash ever go away?”
We are told in Revelation 13:17 that at some point during the Apocalypse society will have reached a point where buying and selling will be impossible without the mark of the beast: “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so ...
The 70% money rule usually refers to the 70/20/10 budgeting rule, a simple guideline that splits your after-tax income into three categories: 70% for needs/living expenses, 20% for savings/investments, and 10% for debt repayment or giving. It helps you balance essential spending, building wealth, and managing debt by allocating funds for day-to-day costs (housing, food, bills), future goals (retirement, emergency fund), and debt reduction (loans, credit cards).
The transition from cash to digital currency depends on factors like adoption, regulation, and public trust. Benefits of digital currencies include faster transactions, enhanced traceability, and lower operational costs. However, challenges like privacy concerns and economic stability remain.
Despite global shifts, analysts agree the US dollar's reserve currency status is unlikely to be replaced for decades. Since the 1940s, the US dollar has held firm as the global reserve currency, driving international trade and reinforcing the status of the United States as an economic superpower.
No region has embraced the cashless future quite like the Nordic nations. Sweden, in particular, has developed a largely digitalized economy. Sweden and Norway have the world's lowest amount of cash in circulation as a share of GDP, according to Sweden's Riksbank.
Although it seems as though digital payment systems are slowly replacing cash in everyday life, cash will by no means disappear by 2025. Very few people leave the house without any cash in their wallets. Whether it's for parking meters, change, or tips, you never know when you might need it.
President Donald Trump ordered the U.S. Treasury Department in February 2025 to stop minting pennies for circulation to cut costs. The U.S. Mint will continue to produce numismatic versions of the penny in limited quantities for historical and collector purposes.