Visa's ‘where cash hides’ study reveals cash usage trends and path to digital payment growth

Shashank Singh, Vice President & General Manager for Qatar and Kuwait at Visa, discusses the findings of their latest "Where Cash Hides" study, including the motivations behind cash transactions and Visa's plans to expand digital payment adoption for both consumers and businesses.



Q: What is the Where Cash Hides study?



A: Where Cash Hides is a study conducted by Visa in partnership with IPSOS to analyze the frequency and motivations behind cash usage among GCC consumers, identifying cash-heavy categories. The Qatar second edition results are based on a survey of 400 individuals in Qatar, conducted online in August 2024. The first edition of this study was completed in 2023. The study identifies opportunities to drive financial inclusion and enhance payment experiences for consumers and businesses in Qatar.



Q: What are the key takeaways from Visa’s latest Where Cash Hides research?



A: Despite Qatar’s leadership in digital payments, 23% of transactions among surveyed consumers are still in cash. Cash is primarily used for peer-to-peer (P2P) transactions, which account for 39% of cash usage, such as tips and money exchanges between friends and family. Within this segment, tips emerged as the top category at 54%, followed by money exchanges between friends and family at 51%. For everyday spending, which accounts for 31% of cash usage, taxis are the top category at 50%, followed by farmers’ markets and public transport.



Q: Which categories saw the biggest change in cash usage compared to 2023?



A: In the peer-to-peer segment, international transfers through exchange houses saw the biggest drop in cash usage, declining to 15% from 21% in 2023, while rent also showed a slight decline from 37% in 2023 to 35%. In everyday spending, bill payments showed an increase in cash usage, rising from 9% in 2023 to 22% in 2024. Discretionary spending also increased to 24% from 14%. Within this category, cinema, events and education showed notable growth in comparison to 2023, indicating opportunities for expanding digital payment adoption in these segments.



Q: What are the key motivators for cash usage in Qatar?



A: The top reasons respondents prefer cash for peer-to-peer transactions are convenience, cited by 32%, and speed, cited by 24%. Cash is favored for its simplicity and acceptance, especially in scenarios like tips or money exchanges among friends and family, where immediate settlement is needed. For everyday spending, speed remains a key motivator at 24%, along with convenience and habit, each cited by 23%. These findings explain why many consumers rely on cash for smaller, routine expenses such as taxis, public transport, and markets. It also offers us and our industry partners an opportunity to educate and show consumers that digital payments is more secure, reliable and rewarding than cash.



Q: How does Visa plan to help consumers and businesses overcome reliance on cash?



A: The results of the Where Cash Hides study highlight clear opportunities for expanding digital payment adoption in Qatar. Visa continues to lead the way in providing secure, seamless, and convenient digital payment solutions and is focused on further reducing reliance on cash. This includes expanding access to digital payment tools such as Visa Direct, which enables fast peer-to-peer transactions, tips, and remittances. Additional solutions like Click to Pay and Tap to Phone provide low-cost acceptance options for small businesses, freelancers, and taxis. Promoting the adoption of mobile payments and contactless technology remains a priority, along with improving the security and simplicity of online checkout experiences.



Visa is also collaborating with banks and government entities to advance cashless initiatives. For example, Visa partnered with Qatar National Bank and Dibsy to launch an enhanced version of Visa Click to Pay for retailers in Qatar, marking the world’s first implementation of Click to Pay with biometric authentication in the world. To further drive digital payment usage, Visa is committed to educating both the banked and unbanked populations about the acceptance and security of digital payments.