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Cash continues to lose ground in Europe

Published December 07, 2020 - 2 mins reading time
Bank watch
In France, as in the rest of Europe, the decline of cash is continuing slowly but surely. This is the conclusion of a study on payment practices in the euro zone conducted by the European Central Bank (ECB), published on December 2, 2020.

A very gradual decline in the use of cash

Several players in the cash industry expressed their relief at the announcement of the conclusions of the ECB's study, which they had been awaiting with great anticipation, including the cash-in-transit company Brinks and the Monnaie de Paris, which mints coins for the French State.

Indeed, while the decline of cash is undeniable, this means of payment remains the most popular, and still accounts for 73% of retail transactions in the euro zone, at points of sale or between private individuals, far ahead of the bankcard, which accounted for just 24% of transactions in 2019, the year on which the ECB study is based.

However, while the decline is slow, it is no less real. Three years ago, 79% of retail transactions were carried out in cash. What's more, pandemic-related health measures have increased the use of bankcards and contactless payments, to the detriment of cash.

Disparities between euro zone member states

The ECB also points to major disparities between member states. In France, the decline in the use of cash is more marked, as bankcards have been particularly popular for several years now.

  • 6 out of 10 retail transactions were carried out in cash in 2019, compared with 7 out of 10 3 years ago.
  • The amount of cash-settled transactions in 2019 represents 25% of the total amount of retail transactions, compared with 28% in 2016.
  • In stores, while 68% of transactions were cash-based in 2016, the figure is now 59%.

In addition, the French say they are less attached to cash than other members of the euro zone: only 9% say they prefer to pay in cash in stores, compared with an average of 27% for euro zone inhabitants.

Malta leads the eurozone member states with 88% of retail transactions carried out in cash, followed by Cyprus andSpain with 83% each, compared with just 35% in Finland and 34% in the Netherlands.