Denmark Retains a Love of Cash

The National Bank of Denmark has issued an analysis paper looking at the use of cash in society ¹.

Denmark has one of the lowest levels of cash usage in Europe with only Norway and Sweden with lower levels. Denmark’s value of cash in circulation relative to GDP is 3% compared with the European Union (EU) average of 12%. While the pandemic has reduced cash usage, there are clear signs that Danes still value cash.

This analysis was based on the Bank’s third survey of payment behaviour, which took place 16 August to 17 September 2021. Respondents kept a payment diary for one day and answered a survey. The margin of error was +/-2% for total responses but not by age group, sex etc.