Cash And Digital Payments Are Popular, According To ECB

Cash is still the most common way to pay at the point of sale, but its share is decreasing, according to the European Central Bank’s most recent study on how people in the euro area pay for things.

In 2019, 72% of sales at the point of the purchase were made with cash. In 2022, only 59% of sales were made with money. It is the most common way to pay for small store purchases and transactions between people.

Most people (60%) also think it’s essential to be able to pay with cash. Consumers like cash because it helps them track how much they spend, protect their privacy, and settle transactions immediately.

Overall, consumers are happy with how easy it is to get cash. In most countries, consumers find it easy to get to an ATM or bank to get some money.

At the same time, the pandemic has sped up the move toward electronic payment methods, and most people now prefer to use electronic payment methods. The amount of online purchases as a percentage of all day-to-day transactions in the euro area has grown a lot, from 6% in 2019 to 17% in 2022.

The share of card payments for purchases at a point of sale has grown by 9% to 34% in 2022. Most card payments are now contactless payments. Cards are faster and easier to use, and people don’t have to carry around as much cash. Cards are the most common way to pay for more significant amounts and now make up a larger share of payments than cash in terms of value.

Executive board member Fabio Panetta says that the ECB is committed to ensuring that consumers will always be able to choose how to pay, both now and in the future. They see proof that both cash and digital payments are in high demand. Our commitment to cash and our work on a digital euro is meant to ensure that people can always pay with public money.