Less than 20 percent of all Finnish payment transactions were done with cash money in 2019, moving the Nordic country towards being a cashless society. This according to estimations based on the available data regarding cash withdrawals and payment transactions. No data exists on the actual use of cash money, outside of survey diaries. Such a diary, covering consumers' use of cash money in shops, was held in Europe only once, in 2017. As not all payment data is readily available, like the use of OTC or over-the-counter cash withdrawals, note this can still mean that the cash share numbers provided here are not necessarily accurate.
Share of cash in total payment transactions in Finland from 2002 to 2019
No data is available that covers the exact volume of transactions conducted with cash money. In order to make a credible estimation, this calculation looked at the following indicators:
Value of ATM cash withdrawals (either with cards issued by resident PSPs at any terminal, provided by either a resident or non-resident PSP, or with cards issued by non-resident PSPs at terminals provided by resident PSPs;
Value of OTC or over-the-counter cash withdrawals;
Value of card payments, issued by resident PSPs;
Value of e-money payment transactions, issued by resident PSPs.
To summarize, this methodology tries to put cash withdrawals, either at an ATM or OTC, in perspective of all payment transactions (withdrawals + card payment+ e-money transactions) within a country. Numbers on checks, ACH or instant payments have not been used.
Note that numbers on OTC withdrawals and e-money are not always readily available for all years. Multiple sources were consulted to get to these numbers. In the case of Finland, numbers on OTC were not provided due to what the ECB described as "questionable data".
* The numbers provided for ATM withdrawals in 2017 were incomplete. The source did not provide information about why this was. An estimate was used here, otherwise the percentage would have been 1.8.
The values used in the calculations for Finland were in euros.
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Statista. (October 12, 2020). Share of cash in total payment transactions in Finland from 2002 to 2019 [Graph]. In Statista. Retrieved December 06, 2021, from https://www.statista.com/statistics/1094945/cash-use-in-finland/
Statista. "Share of cash in total payment transactions in Finland from 2002 to 2019." Chart. October 12, 2020. Statista. Accessed December 06, 2021. https://www.statista.com/statistics/1094945/cash-use-in-finland/
Statista. (2020). Share of cash in total payment transactions in Finland from 2002 to 2019. Statista. Statista Inc.. Accessed: December 06, 2021. https://www.statista.com/statistics/1094945/cash-use-in-finland/
Statista. "Share of Cash in Total Payment Transactions in Finland from 2002 to 2019." Statista, Statista Inc., 12 Oct 2020, https://www.statista.com/statistics/1094945/cash-use-in-finland/
Statista, Share of cash in total payment transactions in Finland from 2002 to 2019 Statista, https://www.statista.com/statistics/1094945/cash-use-in-finland/ (last visited December 06, 2021)