according to space Research conducted by European Central Bank (ECB)It surveys Eurozone financial behavior every two years. This is a trend seen in most Eurozone countries, but particularly common in Southern European countries (Portugal, Greece, Spain, Cyprus).
But Europeans still like physical money. For his 60% of European citizens, being able to have physical money is still important. Additionally, people believe that using cash makes them more conscious of their spending habits. In the face of energy crises and potential blackouts, the debate between banknotes and coins and digital payments becomes important.
In the 19 eurozone countries, payments are generally made in banknotes and coins. Even so, by 2022, the proportion of cash payments in all transactions has fallen to 59%. Three years ago he was 72%, six years ago he was 79%.
As measured by turnover, card payments surpassed cash payments for the first time. According to ECB data, 46% of store sales were paid by card and 43% by cash. The difference in the proportion of coin and banknote payments is due to the fact that smaller amounts are more likely to be paid in cash, while larger amounts are more likely to be paid by debit or credit card.
The survey results show a continuing trend of declining physical payments at the POS. However, consumers are shopping online more and more frequently. The share of e-commerce payments in all payments has risen from 6% three years ago to 17% in 2022. In terms of sales, share increased from 14% to 28%.
Most Europeans would not want to do without banknotes and coins.For 60% of Eurozone consumers, these factors are either ‘very important’ or ‘very important’. Germans and Austrians are at the top of the list of physical money fans.
