Morocco cash paradox: bank cards used mainly for ATM withdrawals

The figures from late September 2025 are telling. Cash circulation has reached a historic milestone by hitting 467.7 billion dirhams, representing a progression of nearly 10% over one year. This record shows a striking contradiction: although the kingdom boasts a fleet of 21 million cards and growing e-commerce, this tool remains diverted from its primary function. Instead of paying directly for their purchases, a large majority of users use their bank card as a simple pass to the ATM, notes the magazine Finances News Hebdo.

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This cash hegemony is rooted in persistent cultural practices and relies on the overwhelming weight of the informal economy. While the 2024 tax amnesty had temporarily brought liquidity back into the official circuit, 2025 swept away this dynamic by returning to a sharp increase in money in circulation. On the supply side, the traditional payment terminal still frightens small businesses with its costs and technical constraints. To overcome this obstacle, lightweight alternatives are emerging, such as QR Code payment on smartphones launched by Cash Plus, aiming to democratize digital without requiring heavy infrastructure.

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However, sector experts agree that the battle no longer takes place on the terrain of technology or cost reduction, as infrastructure is now ready and mature. The real challenge is behavioral in nature. To hope to dethrone cash from its position of strength, dematerialized solutions must conquer everyday transactions. As long as digital payment is not perceived as fluid, spontaneous, and anonymous as a coin handed over to pay for a coffee, a taxi ride, or groceries at the corner store, the banknote will retain the absolute trust of Moroccans.