Excerpt from ECB Diary report
In Cyprus, Malta and Greece the share of cash in value of payments was the highest, ranging from 72% to 75%. In Lithuania, Slovakia, Austria, Spain, Italy and Slovenia the share ranged from 62% to 68%. In Ireland, Portugal, Latvia and Germany the share of cash in value of
This is the first study on the use of cash, cards and other payment instruments by households that applies a harmonised methodology to analyse consumers’ payment behaviour in the euro area. It provides an objective measure of the use of cash and other payment instruments at POS in the euro area with emphasis on households’ daily payments, which tend to be small and often overlooked. The results give insight into the differences in payment choices in the 19 euro area countries.
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.
The report was published at the end of 2017, but the figures are still relevant today. As the backlash against cash sweeps the western world, Europeans are reconsidering the fantasy of cashless becoming a reality.