Digital payments continue to rise, albeit at a slower pace; cash remains a key payment method
19 December 2024Cash most frequently used payment method in stores,
although use has continued to declineShare of digital payment
instruments continues to increase in value terms, with cards still
dominant and share of mobile apps on the riseMajority of consumers
value having option to pay with cash
The European Central Bank
(ECB) today published the results of the latest study on the payment
attitudes of consumers in the euro area (SPACE). Despite the trend
towards digital payments, the number of cash payments remains
significant in 2024, especially for small-value and person-to-person
payments.
In terms of number of payments, cash is used at the
point of sale in 52% of transactions, down from 59% in 2022. In terms
of value, cards are the most dominant payment instrument (with a share
of 45%, down from 46%), followed by cash (39%, down from 42%) and
mobile apps (7%, up from 4%).
The growing share of digital
payments is supported by an increase in online payments; these account
for 21% of consumers’ day-to-day payments in number and 36% in value,
up from 17% and 28% respectively in 2022. The most frequently used
instrument for online payments is cards, accounting for 48% of
transactions, followed by other electronic means of payment such as
payment wallets and mobile apps, which together accounted for 29% of
transactions.
Consumers’ stated payment preferences have not
changed. In 2024 as in 2022, 55% of consumers prefer paying with cards
and other non-cash means in shops, 22% prefer paying with cash and 23%
have no clear preference. On average, consumers deem cards faster and
easier to use. They consider cash more helpful for managing their
expenses and protecting their privacy.
A majority of consumers
(62% in 2024, up from 60% in 2022) consider it important to have cash
as a payment option. And a large majority (87%) are satisfied with
their access to cash, finding it very or fairly easy to withdraw cash
from an ATM or a bank, even though satisfaction decreased slightly
(down from 89% in 2022).
Executive Board member Piero
Cipollone reaffirmed the ECB’s commitment to protecting consumers’
freedom to pay as they choose. “We are dedicated to ensuring secure,
efficient and inclusive payment options. By supporting both cash and
the development of a digital euro, we want to guarantee people can
always choose to pay with public money, now and in the future.
”
The next SPACE is planned to be published in 2026.
For media queries, please contact Nicos Keranis, tel. : +49
172 758 7237.