Despite the rapid adoption of digital payment solutions across Europe, cash still accounts for the majority of point-of-sale (POS) transactions, according to a recent study by the European Central Bank (ECB).
Payment Trends at POS
- Cash Usage:
- Accounts for 52% of POS transactions by number, down from 59% in 2022.
- By value, cash transactions now represent 39%, a decline from 42%.
- Card Usage:
- Dominates in terms of value, with a 45% share, slightly reduced from 46% in 2022.
- Mobile Apps:
- Witnessing rapid growth, now representing 7% of POS payments, up from 4% two years ago.
Online Payment Growth
- Increased Usage:
- Online payments now account for 21% of daily payment transactions by number (up from 17%) and 36% by value (up from 28%).
- Cards dominate, responsible for 48% of online payments, followed by electronic means like wallets and mobile apps (29%).
Consumer Payment Preferences
- Non-Cash Preference:
- 55% of Europeans prefer cards and other non-cash options in shops.
- 22% still prefer cash, while 23% remain neutral.
- Key Advantages:
- Cards are considered faster and easier to use.
- Cash is seen as helpful for budgeting and privacy protection.
Cash Accessibility and Sentiment
- Consumer Importance:
- 62% of Europeans value cash as a payment option.
- 87% report satisfaction with their ease of access to cash through ATMs and banks.
ECB’s Vision
- Piero Cipollone, ECB executive board member, highlighted the dual focus on cash and innovation:
“We are dedicated to ensuring secure, efficient, and inclusive payment options. By supporting both cash and the development of a digital euro, we want to guarantee people can always choose to pay with public money, now and in the future.”
