PIE: Half of transactions in the euro zone were cash in '24

In 2024, 52 percent transactions in the euro area were cash in nature. In terms of transaction value, this percentage was much smaller and amounted to 39%. – it was reported in the “PIE Economic Weekly”.

According to data presented in the publication of the Polish Economic Institute, cash transactions still predominate in 14 out of 20 euro zone countries, and in half of them they constitute 45-55 percent. payments made. Cash is most commonly used for Malta (67% of payments), and least often in Netherlands (22%).

“Regionally, the attachment to cash – reflected in both the number and value of payments made – remains clearly visible in southern and eastern Europe, while residents of western and northern countries are more willing to make cashless transactions,” we read in PIE's information.

The Institute added that ECB data on non-cash transactions in companies show that in the years 2021-2024 the percentage of enterprises accepting cash in the euro area dropped from 96%. up to 88 percent In turn, data from the National Bank of Poland for 2023 indicate that 1/3 of Poles use only cash or make most of their payments, and 69 percent admitted that they had cash set aside just in case.

“Consumers surveyed by the ECB declared this to be the main reason for relying on cash anonymity and privacy protection (41 percent), greater awareness of transactions (35%) and the comfort of immediate settlement without the need to wait for authorization (30%).

Only 18 percent respondents indicated that cash transactions are safer. Meanwhile, the role of security in cash payments was emphasized by as many as 94%. companies, and 92 percent drew attention to the reliability of cash,” PIE noted in the weekly.

He recalled that the ECB recently issued a recommendation to Europeans to have at least EUR 70-100 with them in case of an emergency for necessary expenses during the first 72 hours of the crisis. Previously, a similar recommendation was issued by the governments of the Netherlands, Finland and Austria. (PAP)

ms/mmu/