At a whopping 92%, almostĀ every point-of-sale transactions inĀ MaltaĀ occuredĀ thanks to cash in 2016,Ā reportsĀ theĀ European Central Banks.

The research, published in the ECB'sĀ 'Occasional Paper Series: The use of cash by households in the EU Area'Ā finds that even though cash is king in the EU, the way it is used differs from country to country.Ā 

The survey results not only ā€œchallenge the perception that cash is rapidly being replaced by cashless means of payment,ā€ but also confirm that cash is stillĀ theĀ predominant payment instrument across the Eurozone at a POS level.Ā 

Key findings related toĀ Malta include

  • Cash made up 74%Ā of the totalĀ valueĀ of transactions in MaltaĀ and 92%Ā of the totalĀ numberĀ of transactions;
  • At 92%, the share of cash was highest in Malta, followed by Greece, Cyprus - both over 70 percent (p. 4);
  • Comparatively, the share of cash was lowest in Estonia, France and Finland - all below 34% (p. 4);
  • The average card transaction value was the highest in Luxembourg, Malta and Germany, where it ranged from ā‚¬70.78 to ā‚¬51.38 (p. 21);
  • While the Netherlands carried out 55% of all transactions using a payment card, Estonia consumers carried out an equal number of transactions by cash and card, on average (p. 22); finally,Ā 
  • As expected, countries where income is often given in non-cash payments, cash usage is generally very low. Yet, while the total of those paid in cash in Malta and Austria is below the EU averag, the levels of cash usage areĀ of the highest (p. 48).

TheĀ only other recent paperĀ estimating the value and number of payment behaviourĀ around Europe dates from 2008, making this ECB research paper essential reading material for policy makers, key stakeholders and journalists navigating the discussion on cash.Ā