Morocco Leads World in Cash Dependency, Study Finds

With an overall score of 6.96, Morocco - where 74% of all payments remain in cash and 71% of the population is unbanked - is the country most dependent on cash and tops the top 10 compiled by Merchant Machine.

The kingdom is followed by Egypt (6.71) and Kenya (6.56). Next come Nigeria (6.54), the Philippines (6.42), Bulgaria (6.38) and Peru (6.04). Vietnam (6.03), Indonesia (5.88) and Kazakhstan (5.59) complete the podium.

In Europe, it is Bulgaria that tops the ranking. "Bulgaria is the most cash-dependent country in Europe, making 74% of all payments in cash and offering 91 ATMs per 100,000 adults, although more than 70% of the population has a bank account," the experts say. It is followed by Romania (6.51), Greece (6.42), Ukraine (6.26), Portugal (5.80), the Czech Republic (5.51) and Hungary (5.16). Slovakia (4.85), Poland (4.75) and Italy (4.74) complete the top 10.