Bring A Credit Card To Visit This Popular European Country That's Almost A Cashless Society

A fair number of countries have turned away from paper money as the predominant form of exchange, relying more and more on credit cards and digital wallets. As time goes on, we can only expect these numbers of cashless societies to grow. In 2022, Merchant Machine released a study of the world's most cash-reliant and cashless societies. While there are plenty of places globally that still believe cash is king, bills and coins have become virtually extinct in some countries. Looking at 60 nations worldwide, Merchant Machine took into consideration factors like the number of people who have credit cards, the number of available ATMs, and the percentage of cash payments found within each country when conducting its research.

Norway topped the chart as the least cash-reliant country in the world. As a popular European destination famous for its iconic Northern Lights cruise adventures and pristine tundrascapes, Norway is a Scandinavian country often associated with technological modernity and progress. Based on the 2022 study, cash exchanges only make up about 2% of payment transactions in Norway, and a remarkable 100% of the measured population has a bank account. Also, 71% of those surveyed had a credit card in their name. 

Norway just edged out other predominantly cashless countries due to its overwhelming number of credit card users. Its standing is also affected by the higher unbanked populations in areas like the U.K. and Singapore. In a land famous for its awe-inspiring fjords, Viking history, and stunning outdoor adventures, Norway's cashless nature may draw some tourists who want to avoid the hassle of exchanging money. 

While Norway is a virtually cashless society, Finland, which is well-known for its historic cities filled with world-class art and cuisine, follows closely behind its Scandinavian neighbor. Similar to Norway, only 2% of all payments in Finland are made with cash, and 100% of the country's population in 2022 had a bank account. However, only 63% of Finland's population counted themselves as credit card owners, making Norway a more card-focused country. New Zealand took the third spot in Merchant Machine's report of cashless societies, followed by Hong Kong, Sweden, Denmark, Switzerland, the U.K., Singapore, and the Netherlands, respectively.

As a traveler, there are some key advantages to visiting a largely cashless society like Norway. First, you don't have to worry about pesky, sometimes inflated exchange rates. Second, nowadays, many credit cards don't charge foreign transaction fees, making your trip all that more budget-friendly. Lastly, there are more fail-safes in place for credit cards if your bag or wallet gets stolen. While cash is often unrecoverable, a card can be shut off. Though you may not get a new card right away, you'll have the peace of mind that at least nothing else can happen to it while you're traveling. Exploring Norway could assuage your cash anxieties, making it (and the other spots on the list) great travel options.

While Morocco's under-the-radar metropolises draw comparisons to the art and culture of Los Angeles, unlike its American counterpart, this country's cities remain steadfastly cash-based economies. Morocco topped Merchant Machine's study as the most cash-reliant country in the world, with 74% of the country's transactions made in paper currency. Only about 0.2% of the country's overall population owns a credit card, and 71% don't have a bank account at all. Morocco's lack of banking points to the supremacy of cash over alternate payment forms since many in its domestic market wouldn't have access to cashless forms of payment. 

Other African countries are also largely represented on the list of cash-reliant destinations. Egypt comes in second, with 60% of overall payments made in cash and only 33% of the population having a bank account. In Kenya, 40% of transactions are cash-based payments, as well. As for European destinations, Bulgaria comes in as the most cash-reliant country, with 74% of its transactions executed with cash payments and only 14% of the population owning a credit card. 

Whether cash-based or cashless, these numbers shouldn't dissuade you from traveling to certain destinations, but rather, they serve as a reminder to be prepared for the economic realities of travel. While it may not be something that you are used to based on your own experiences at home, it's always best to research how to navigate your travel destination, whether it be the markets of Morocco or the Norwegian Fjords.