ECB Survey: Why Europeans Still Prefer Cash Payments

According to a recent ECB survey, cash remains popular in Europe, being the most frequent payment method in 14 of the 20 Eurozone countries. Despite the increase in digital payments, 52% of transactions in the Eurozone in 2024 were made in cash.

The survey, which included 40,000 participants, revealed that consumers prefer cash for reasons such as anonymity (41%), better expense management (35%), and immediate transaction completion (30%). A 28% stated that cash is accepted in more cases.

Cash usage varies by country, with Greece slightly above the average (54%). Southern and Eastern Europe appear to be more dependent on cash, while the Netherlands and Finland have the lowest rates.

In terms of value, cash accounts for 39% of transactions in the Eurozone, with Greece in the middle category (42%).

The ECB has recommended that European citizens keep cash on hand for emergencies, recognizing its usefulness in times of crisis, such as the coronavirus pandemic and the Greek debt crisis.