• Piero Cipollone, member of the ECB's Executive Board, says: ‘We are committed to ensuring secure, efficient and inclusive payment options. By supporting both cash and the development of a digital euro, we want to ensure that people can always choose to pay with public money, now and in the future’.

In terms of number of payments, cash is used in 52% of POS transactions, compared to 59% in 2022. In terms of value, cards are the most dominant payment instrument, with a share of 45% (vs. 46%) followed by cash (39%), up from 42%.

Mobile apps, while still representing a relatively small share of POS payments, are on the rise, at 7%, up from 4% two years ago.

Overall, digital payments continue to account for an increasing proportion of overall transactions. This is supported by an increase in online payments, with online payments accounting for 21% of daily consumer payments by number and 36% by value, up from 17% and 28% respectively in 2022.

The most widely used instrument for online payments is cards, which account for 48% of transactions, followed by other electronic means such as e-wallets and mobile apps, which together account for 29%.

Consumers' stated payment preferences have not changed. In 2024, as in 2022, 55% of Europeans prefer to pay with cards and other non-cash means in shops, 22% prefer to pay with cash and 23% have no clear preference.

On average, consumers consider cards to be faster and easier to use. They find cash more useful for managing their spending and protecting their privacy.

Although the use of cash is decreasing, 62% of Europeans still consider it important to have banknotes and coins as a payment option. And a large majority (87%) are satisfied with their access to cash, finding it very or fairly easy to obtain it from an ATM or a bank.

Piero Cipollone, Member of the ECB's Executive Board, says: ‘We are committed to ensuring safe, efficient and inclusive payment options. By supporting both cash and the development of a digital euro, we want to ensure that people can always choose to pay with public money, now and in the future’.

Fuente: Finextra