Europe Remains Attached to Cash

Despite the rapid rise in digital payment systems and methods, including debit and credit cards, mobile wallets and online payments, cash still remains as an important and necessary payment option. This is seen clearly in the latest payment surveys conducted by both the European Central Bank (ECB) and Monnaie de Paris.

Although it is inarguable that cash usage as a share of payments has fallen, these survey results underline that Europe still views it as an important and trusted payment option – and, mostly importantly, that it should be an option regardless of use. 

More than half of POS payments made in cash 

According to the ECB’s latest SPACE (study on the payment attitudes of consumers in the euro area) survey, cash remains a popular means of payment where it is used during more than half (52%) of point of sale (POS) transactions. Although its use has declined (down from 59%), it still maintains its dominance as the most frequently used method of payment in shops. It is the second most dominant payment instrument in terms of value (at a 39% share), following that of cards (45%).