National Bank of Denmark analysis shows cash payments fell to 9 percent as contingency cash holdings increased

The National Bank of Denmark published an analysis of cash use showing that cash continues to lose ground in everyday payments, while more citizens are keeping cash as a backup if card or mobile payments do not work. In 2025, cash accounted for 9 percent of payments in physical commerce, down from 11 percent in 2023, and 7 percent of the total value of those payments. Cash use between private individuals also declined, accounting for 12 percent of such payments in 2025 compared with 20 percent in 2023. The analysis links the drop mainly to a shift toward digital payment methods rather than reduced merchant acceptance of cash. At the same time, more than two out of three citizens with cash holdings regard them as a contingency payment measure, and the share holding more than DKK 1,000 in cash rose to 41 percent in 2025 from 33 percent in 2023. The number of ATMs has continued to fall, but the central bank said there is still a need for ATMs across the country, particularly because access to deposit functionality matters for both households and businesses. It estimates that 1 percent of citizens live more than 10 km from their nearest ATM, broadly unchanged from 2023. The bank said this infrastructure will be particularly important for the introduction of a new banknote series in 2028-2029. After a transition period, the current 2009 banknote series will become invalid, and the National Bank of Denmark said it will monitor the cash infrastructure on an ongoing basis through the banknote exchange and beyond.