Why the World Is Moving Towards a Less Cash-Based Economy
Automatically translated summary. The full text is available in Romanian.
An information note produced under the National Financial Education Campaign, implemented by the National Bank of Moldova and Independent Think Tank “Expert-Grup”, explains what cashless payments are and why economies worldwide are reducing reliance on cash, with a focus on the Republic of Moldova and its new cash limits.
Cashless payments include cards, credit transfers, direct debit, mobile, online and contactless payments. In Scandinavia only 4%-6% of point-of-sale payments are in cash, versus about a third in Germany, Italy, Poland and Spain. In Moldova, the average number of cashless payments per resident rose from about 8 in 2017 to 54 in 2023, compared with 170 in the EU.
The note lists benefits for users (convenience, security, accessibility, spending monitoring, rewards) and for the economy: faster circulation of money, e-commerce, a smaller informal economy and less tax evasion, and curbs on corruption, money laundering and unfair competition. From 2025, the Law on cash settlements caps cash payments: for individuals, property up to 100 and vehicles up to 50 forecast average monthly salaries, with up to MDL 200,000 payable in cash; for legal entities and entrepreneurs, MDL 100,000 per month, with exceptions. Cash remains available, in line with the European Central Bank’s Cash Strategy 2030.
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