December 19, 2024
Cash is the most frequently used payment method in stores, but its usage continues to decline The share of digital payment methods continues to increase in value terms, with cards still dominating and mobile apps’ share is on the rise The majority of consumers value having the option to pay with cash
The European Central Bank (ECB) today announced the results of its latest survey on consumer payment attitudes in the euro area (SPACE). Despite the trend toward digital payments, the number of cash payments will still be high in 2024, especially micropayments and person-to-person payments.
In terms of payment frequency, cash is used at the point of sale in 52% of transactions, down from 59% in 2022. In terms of value, cards are the most dominant payment method (45% share, down from 59% in 2022 to 46%), followed by cash (39%, down from 42%) and mobile apps. (7%, up from 4%).
The increase in the proportion of digital payments is supported by the increase in online payments. They account for 21% of consumers’ daily payments by volume and 36% by value, up from 17% and 28%, respectively, in 2022. Cards are the most frequently used method of online payment, accounting for 48% of transactions. , followed by other electronic payment methods such as payment wallets and mobile apps, which together accounted for 29% of transactions.
Consumers’ stated payment preferences have not changed. In 2024, as in 2022, 55% of consumers will prefer to pay in stores with a card or other non-cash means, 22% will prefer to pay with cash, and 23% have no clear preference. On average, consumers find cards faster and easier to use. They believe that cash is better for controlling spending and protecting privacy.
The majority of consumers (62% in 2024, up from 60% in 2022) believe it is important to have cash as a payment option. Additionally, the majority (87%) were satisfied with their access to cash, with satisfaction slightly down (down from 89% in 2022), but withdrawing cash from an ATM or bank was very difficult. Or feel like it’s pretty easy.
Board member Piero Cipollone reaffirmed the ECB’s commitment to protecting consumers’ freedom to pay as they choose. “We are dedicated to ensuring safe, efficient and inclusive payment options. By supporting both cash and the development of a digital euro, we are committed to ensuring that people stay connected, now and in the future. We want to ensure that you can choose to pay with your own funds.”
The next SPACE will be published in 2026.
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