This chapter examines how the shift from cash to digital payment alternatives influences social inequality. A key mechanism driving inequality in cashless payments is the interconnectedness of credit and payment, which fuels the expansion of consumer credit—a form of credit which is especially problematic for individuals with lower socio-economic status. This issue is further exacerbated by the extraction of personal data during payment transactions. The chapter argues that the impact of these mechanisms varies across economies, shaped by each country’s institutional trajectory toward cashless-ness. While cashless payments in the Global North are primarily driven by credit card companies and banks, the payment landscape in the Global South exhibits distinct patterns. We identify three main pathways toward a cashless economy in the global south: (1) Mobile money, which emerged in sub-Saharan Africa in the early 2010s; (2) Super apps, prevalent in many East Asian economies; and (3) State-driven systems, introduced in Brazil and other Latin American countries. Our findings suggest that super apps strongly promote consumer credit expansion and data extraction, while mobile money has a more limited effect on credit but imposes significant transaction fees. In contrast, state-driven systems appear to have a more positive overall impact on financial inclusion and inequality.