The ECB has recently shared insights from its latest study, SPACE (Study on the Payment Attitudes of Consumers in the Euro Area), illuminating the ongoing trends in consumer payment behaviors across Europe.
Despite a global shift towards digitization, cash payments still hold a significant place in the consumer market, particularly for transactions of lower value and those between individuals.
In 2024, cash was used in 52% of point-of-sale transactions, a decline from 59% in 2022, indicating a gradual yet persistent move towards digital payments. However, when measured by transaction value rather than frequency, digital payments demonstrate their dominance. Card payments lead at 45%, slightly down from 46%, with cash following at 39%, decreasing from 42%. Meanwhile, mobile apps have seen an increase, now representing 7% of transaction value, up from 4%.
The preference for digital payments is even more evident online, where they constitute 21% of the number and 36% of the value of consumer transactions in 2024, up from 17% and 28%, respectively, in 2022. Among these, cards remain the favored method for online payments, accounting for 48% of these transactions, followed by payment wallets and mobile apps making up 29%.
Consumer preferences are showing a stable trend with 55% of consumers opting for card and other non-cash methods in retail environments, while 22% still prefer cash, and 23% exhibit no clear preference. The advantages of card payments, noted by consumers, include speed and ease of use, whereas cash is seen as better for managing expenses and maintaining privacy.
Interestingly, the majority of consumers value the availability of cash, with 62% in 2024 (up from 60% in 2022) considering it important to have cash as an option. Satisfaction with accessing cash remains high, with 87% of consumers finding it easy to withdraw cash, although this is a slight decrease from 89% satisfaction in 2022.
Piero Cipollone, an Executive Board member of the ECB, underscored the institution’s commitment to offering secure and inclusive payment solutions, stressing the importance of providing options that include both digital and cash payments. “We are dedicated to ensuring secure, efficient, and inclusive payment options. By supporting both cash and the development of a digital euro, we want to guarantee people can always choose to pay with public money, now and in the future,” said Cipollone.
Keep up with all the latest FinTech news here
Copyright © 2025 FinTech Global
