These Countries are Nearly Cashless Societies According to Research

A recent study by BoxBet ranked the most cashless societies by analyzing key financial and digital payment adoption indicators across various countries.

The analysis includes six metrics: the percentage of the population owning cryptocurrency, the percentage with a bank account, the percentage with credit and debit cards, the mobile payment adoption rate, and the share of cashless transactions. Finally, the dataset was sorted, ranking countries that have successfully integrated digital financial systems and are leading the transition away from cash-based economies.

Norway leads the ranking with a score of 96, making it the world’s most cashless country. The country maintains a cashless transaction share of 97.76%, one of the highest globally, while keeping cash transactions at only 4%. Norway also has a mobile payment adoption rate of 66.74%, creating an integrated digital economy where physical cash is becoming increasingly rare.

The Netherlands ranks 2nd with a cashless score of 97. The Dutch payment landscape features the highest cashless transaction share among the top countries at 98.31%, supported by strong mobile payment adoption at 37.43%. With only 3% of transactions conducted in cash, the Netherlands has built one of Europe’s most digitally integrated economies while maintaining modest cryptocurrency ownership at 2.7%.

Singapore ranks 3rd with a cashless score of 97, emerging as Asia’s top cashless society. With 11.48% of its population owning cryptocurrency, Singapore surpasses both Norway and the Netherlands in digital asset adoption. Its mobile payment adoption rate stands at 41.74%, supporting a digital-first economy. However, its cash transactions remain at 3%, slightly higher than the top two countries, which shows an ongoing shift away from physical currency.

The United States lands in 4th place with a cashless score of 74. Despite high card usage at 99.76% and 15.4% of the population owning cryptocurrency, cash transactions still make up 4% of the total payment landscape. The U.S. exhibits a mobile payment adoption rate of 82%, indicating a strong but regionally varied digital finance ecosystem.

Denmark ranks 5th with a cashless score of 81.5. It maintains a perfect 100% cashless transaction coverage. However, Denmark also records a mobile payment adoption rate of just 58.5%, lower than top-ranking Singapore and Norway. With only 1.19% of its population owning cryptocurrency, Denmark relies more on traditional banking solutions for its cashless economy.

Sweden follows at 6th place with a cashless score of 79.3, supported by a cashless transaction share of 98.17%. With 1.61% of the population owning cryptocurrency, Sweden continues its digital payment expansion while maintaining some reliance on cash transactions.

Australia ranks 7th with a cashless score of 80, with a cashless transaction share of 95.94% and a mobile payment adoption rate of 51.41%. Cryptocurrency adoption remains at 2.75%, indicating steady but controlled integration of digital assets into the country’s payment landscape.

China ranks 8th with a score of 79.3. The Chinese market has a high mobile payment adoption rate of 37.95%, higher than the Netherlands (37.43%). With 4.16% of the population owning cryptocurrency, China surpasses Denmark and Sweden in crypto adoption but lags behind the U.S. (15.4%).

Canada ranks 9th with a cashless score of 72, showcasing one of the highest mobile payment adoption rates (82.74%). However, its cash transactions (28%) remain high compared to Norway and Singapore, highlighting persistent cash usage in certain sectors.

South Korea rounds out the top 10 with a cashless score of 70. The country maintains a cashless transaction share of 84.01%. With a mobile payment adoption rate of 68.44%, South Korea surpasses Denmark (58.5%) but remains behind Canada (82.74%), reflecting the growing importance of mobile financial solutions in the region.

“The transition to cashless economies represents one of the most significant shifts in global financial behavior of the past decade. What’s fascinating is how regional adoption patterns tell different stories about consumer trust and financial innovation. The real story isn’t just about going cashless, but about different cultural approaches to financial privacy versus convenience.” a spokesperson from BoxBet said.

”Looking ahead, cryptocurrency adoption may become the next critical differentiator as digital wallets evolve to incorporate both traditional and blockchain-based payment options. The data clearly shows that beyond infrastructure, cultural attitudes toward financial technology play a decisive role in how cashless systems develop and thrive.”