The proportion of card payments is increasing in most countries in the euro zone – including Germany.
(Photo: dpa)
Frankfurt The corona pandemic has accelerated the withdrawal of cash payments. It is true that in the 19 countries of the euro zone, bills and coins are usually used to pay at the tills. But the proportion of cash payments in all transactions fell to 59 percent in 2022, as the European Central Bank (ECB) announced on Tuesday. Three years earlier the proportion was 72 percent, six years earlier it was 79 percent.
In terms of turnover, card payments have surpassed cash payments for the first time. According to ECB data, 46 percent of sales at the till were paid by card and 43 percent in cash. The different proportion of cash payments is due to the fact that small amounts are more often paid in cash, while large amounts are more often paid with a bank or credit card. The remaining payments were made, for example, by vouchers or by invoice.
31 percent of consumers said they used less cash because of the corona pandemic. However, 14 percent paid more often in cash. The rest, i.e. 54 percent, did not change their payment behavior.
A total of around 50,000 people were surveyed in the 19 countries of the euro zone, both in 2021 and 2022. In addition, selected participants had to document their payment behavior themselves.
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The results of the survey illustrate the ongoing trend towards fewer cash payments at the till. This is all the more true because consumers are increasingly shopping online. The share of e-commerce payments in all payments rose to 17 percent in 2022. Three years earlier it was six percent. In terms of sales, the share even grew from 14 to 28 percent.
No benefit seen in smartphone payments
For cashless payments, customers usually use their bank or credit card. In Germany, payments with the Girocard, formerly known as the “EC card”, are the most popular.
Apparently, relatively few people see an advantage in payments via smartphone. They play almost no role in the euro zone and have hardly increased in absolute terms. Mobile payments accounted for three percent of payments most recently, up from one percent in 2019.
Nevertheless, there are major differences in payment behavior between the euro countries. Germany is one of the countries with many cash fans: 63 percent of transactions at the till were recently settled in cash. In the Netherlands and Finland, on the other hand, it is only 21 and 19 percent respectively.
But in six countries, the love of cash is even greater than in Germany: In Portugal, Spain, Italy, Austria, Slovenia and Malta, consumers pay more often with cash. If you take sales as a benchmark, Germany even ranks at the other end of the scale. Cash turnover at the till is higher in 14 countries in the euro zone.
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