In 2016, cash was used in 79% of all POS transactions in Europe

Dec. 21, 2017 Share Source

In 2016, cash was used in 79% of all point of sale (POS) transactions in Europe, finds the European Central Bank in a recent study published in November, 2017.

This survey-based research makes for essential reading for policymakers and journalists discussing the cash debate as the public's answers debunk claims that digital payments are preferred throughout Europe. 

Although digital payments do have their role to play, and are even preferable in some scenarios, why should that mean losing the option to pay in cash? Digital payments fail you in a cyber attack or blackout, while cash continues to be regarded as the number one contingency plan. 

European Central Bank, 'The use of cash by households in the euro area' (No 201 / Nov 2017)

Excerpt from Cash is King in Eurozone summary by Cash Matters

Aside from “challenge the perception that cash is rapidly being replaced by cashless means of payment,” it confirms that cash is still the predominant payment instrument across the Eurozone at a POS level... 'Overall, the results put the use of cash relative to non-cash payment methods by consumers at POS into perspective, and indicate that the use of cash at POS is still widespread in most euro area countries. This seems to challenge the perception that cash is rapidly being replaced by cashless means of payment.' Continue reading...

Read CM Study article here

Source

Esselink, Henk, Lola Hernández. "Occasional papers series: The use of cash by households in the euro area". No 201. European Central Bank. Electronically published November 2017. Accessed November 25, 2017. 

If you could only have your money in one payment option, which would you choose?

Last Updated: Jan. 12, 2018