According to a European Central Bank (ECB) study, cash payment represents 59% of in-store transactions in the Eurozone in 2022, compared to 72% in 2019 and 79% in 2016.
The COVID-19 pandemic and the development of contactless bank card payment methods have reduced the use of cash payments. Initially imposed for reasons of hygiene, Europeans have adopted new payment habits. Card payments exceeded cash payments in Europe for the first time this year. Credit card payments increased from 25% of transactions in 2019 to 34% in 2022.
The continued development of e-commerce is also essential in analyzing these figures. The share of online purchases as a percentage of all euro area day-to-day transactions has increased significantly to 17% in 2022, up from 6% in 2019, specifying the ECB in the study. Moreover, the share of online purchases in all daily transactions in the Eurozone rose to 17% from 6% in 2019. According to the ECB, mobile payment, for example, by smartphone, is undoubtedly gaining importance among the inhabitants of the Eurozone. But the share is currently only 3% of transactions and 4% in value—Xinhua News Agency correspondents reporting from Lyon, France.
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