Digital payments on the rise in Europe, but cash still king at POS

In terms of number of payments, cash is used in 52% of POS transactions, down from 59% in 2022. In terms of value, cards are the most dominant payment instrument, with a share of 45% - down from 46% - followed by cash - 39%, down from 42%.

Mobile apps, while still accounting for a relatively small percentage of POS payments, are on the rise, hitting seven per cent, up from four per cent two years ago.

Overall, digital payments continue to make up a growing share of overall transactions. This is supported by an increase in online payments; these account for 21% of consumers’ day-to-day payments in number and 36% in value, up from 17% and 28% respectively in 2022.

The most frequently used instrument for online payments is cards, accounting for 48% of transactions, followed by other electronic means such as payment wallets and mobile apps, which together accounted for 29%.

Consumers’ stated payment preferences have not changed. In 2024, as in 2022, 55% of Europeans prefer paying with cards and other non-cash means in shops, 22% prefer paying with cash and 23% have no clear preference.

On average, consumers deem cards faster and easier to use. They consider cash more helpful for managing their expenses and protecting their privacy.

While cash use dwindles, 62% of Europeans still consider it important to have notes and coins as a payment option. And a large majority - 87% - are satisfied with their access to cash, finding it very or fairly easy to get from an ATM or a bank.

ECB executive board member Piero Cipollone, says: “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.”