Global Cash Usage Patterns: Economic Development and Cultural Preferences
By
Kaibeezy
Slow-proofed and worth the wait. Worth its weight in flour.
Summary
The article examines global cash usage patterns, revealing that the poorest countries like Myanmar (98%), Ethiopia (95%), and Gambia (95%) rely heavily on cash due to limited banking infrastructure, while wealthy nations like Sweden (14%), Norway (10%), and South Korea (10%) are nearly cashless, showing correlation between digital payment infrastructure and economic development. Emerging economies like Mexico (80%), India (70%), and Thailand (65%) demonstrate persistent cash usage, with Japan being a surprising outlier at 60% despite technological advancement, indicating cultural preferences for cash.
Key quotes
· 4 pulledThe poorest countries rely more 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
Emerging economies like Mexico (80%), India (70%), and Thailand (65%) show that cash usage can be quite sticky
Japan at 60% is remarkably high for such a technologically advanced nation - cultural preference for cash persists
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