Which Countries Strive to Become Cashless? Here Are the Pioneers

March 27, 2025 | 08:50 pm

TEMPO.CO, Jakarta - In the ever-evolving digital era, cashless transactions have become an integral part of everyday life. With convenience, efficiency, and security at the forefront, these most cashless countries aim to shift away from physical cash payment completely. Their sturdy ambition to stride towards cashless society has transformed the way people manage their finances. 

This article explores the widespread adoption of cashless transactions in these countries pioneering the economic advancements, as cited from Corepay and Euronews. 

What are the Most Cashless Countries Currently?

Based on a recent analysis from financial experts, the Nordic countries remain the closest countries to move away from cash transactions, thus, making them the most cashless nations. Other leading countries promoting similar movement also include: 

1. Sweden 

The massive withdrawal from cash transactions in plentiful shops across Sweden has introduced the country to become a potential first cashless nation. According to the European Payments Council, only 1% of Sweden’s GDP in 2019 was derived from cash transactions. With more residents becoming tech-savvy in recent years, there’s no significant hindrance to digitizing transactions, from using a card to make purchases to upholding electronic payments.  

2. Finland 

As a country with small populations embracing close communities, Finland has a fairly lenient circumstance to reinforce new policies including cashless payments. Although Nordic countries view cashless systems as a practical solution to challenges like extreme weather and low population density, Finland's transition to a cashless society is notably more measured compared to Sweden’s rapid adoption. 

3. China 

Despite being included in the world’s most populated country in recent decades, China’s affection towards cashless payment is evidently huge. Mobile payments such as QR code scanning systems are particularly popular among Chinese residents across various industries. Not to mention, China is renowned to have a sustainable eCommerce ecosystem. 

4. South Korea 

It’s not uncommon to see South Koreans holding their phones or swiping their cards to make purchases in numerous shops. As a member of the most technologically advanced countries, South Korea doesn’t show signs of slowing in credit card spending. Notably, eCommerce buyers accounted for roughly 6% of South Korea’s GDP, which further opens the gate to more digital payment tools in the country. 

5. United Kingdom 

The UK's persona as a global financial hub is reflected in its capability to embrace the digitization of money. Several fintech advancements are consistently perpetuated in the country including online banking, mobile and card payments. Atop of the already digitized ecosystem, the UK spent a good portion of their GDP in 2020 towards eCommerce transactions. 

6. Australia 

While it’s a bit ambitious to call Australia a cashless country, the rapid adoption of mobile transactions marked the beginning of such a movement. Data shown by Corepay suggested that 90% of Australians have relied on their debit cards to fulfill both basic amenities and indulgent desires in the last 5 years. To conclude the cashless societies, internet banking has a gradually bigger presence, with more than 75% of the entire population using it. 

7. Netherlands 

The Netherland’s readiness to adjust to electronic transactions could take the country one step closer to cashless societies. With 99% of the population owning a debit card, it’s not a far reach to consider the success of cashless payments in the country. However, there are currently a number of payments made with physical cash. 

As the world continues to embrace digital transformation, the rise of cashless societies is reshaping the way financial transactions take place. These most cashless countries have the potential to turn cashless societies into reality. 

Editor's Choice: 7 Countries with Highest Marginal Income Tax Rate in 2025

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