Raynor de Best
Research expert covering finance, insurance & real-estate, internet & e-commerce
Get in touch with us nowDanish use of cash in payment transactions declined each year since 2016, and only around 13 percent of all payment transactions in the country was made with cash in 2018. Both the number of cash withdrawals, and the value of cash withdrawn has been decreasing annually.
The downward trend in paying with cash in Denmark can be explained by the steady increase in card payments since 2009, more specifically debit card payments. Debit cards accounted for most of the payment cards in the country in 2018. That year, there were more than seven million debit cards and around two million credit cards. The most common use of payment cards among Danes in 2019 was in physical points of sale, such as staffed check-outs.
Mobile payment apps are also a well-known and used payment method in Denmark. The most common app is MobilePay. The app was developed by Danske bank and was launched in 2013. It was used by 85 percent of Danes in 2018, and almost half of consumers used it at least once a week. The most common age group for the MobilePay was 20 to 29 years. In this age group nearly everyone used the app.
