One third of Europeans ready to give up cash

We are in an era where more innovative payment methods are constantly popping up in the market that challenge traditional payment methods. Or what does shopping for snaps or biometrics sound like ? Traditional banks have also been looking forward to digitizing their services . But what does the average consumer think of all this about digitalisation of payment methods and banking?

Percentage for a year without cash

cash

The Dutch financial institution ING surveyed the attitude of about 15,000 consumers to cash in Europe, the United States and Australia. Finns were not included in the survey.

The survey shows that some Europeans even want to reduce or stop using cash. A fifth (21%) of Europeans say they rarely take cash, and one in three (34%) would be prepared to give up cash if it were possible.

More than half of those surveyed had noticed a decline in their cash use over the past year, and 78% of them believe that their use of cash will decrease further over the coming year.

One percent of Europeans say they have been completely cash-free for the last 12 months. In the Netherlands, up to 4% of respondents have completed the last year without cash. “A cashless society is not only an opportunity, but a section of the population would be prepared to accept the cash withdrawal in many European countries,” says ING economist Ian Bright from the results of the survey.

Living without cash

cash

However, not everyone is excited about living without cash. Respondents who had not noticed a decline in their cash use during the past year did not believe they would reduce it in the following year. A total of 76% of Europeans felt that they would never give up cash completely.

There is no need for large banknotes

There is no need for large banknotes

The Good Finance Bank wants to curb crime by completely stopping the issue of the € 500 banknote in 2018. Only 6% of respondents feel the effect of banknote removal. The withdrawal of the banknote has the greatest impact on the Turkish economy (15%).