mobile paymentOnline paymentresearch report

Euro zone consumer payment report From European Central Bank

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The following is the Euro zone consumer payment report From European Central Bank recommended by recordtrend.com. And this article belongs to the classification: research report, mobile payment , Online payment.

The European Central Bank has released the euro zone consumer payment report

Consumers mainly use cash for point of sale (POS) and person to person (P2P): 73% of POS and P2P transactions use cash, and 27% use non cash payment instruments;

In terms of value, cash transactions accounted for 48% of all transactions, while credit card transactions accounted for 41%;

Credit card is the main non cash payment instrument (24%);

38% of card transactions use non-contact technology;

On average, 1.6 POS and P2P transactions are conducted by citizens in the euro area every day, with an average transaction volume of 25.6 euros;

48% of POS and P2P transactions are daily retail purchases in local stores, and 19% of POS and P2P transactions are in restaurants, bars, cafes and hotels.

4% of online transactions are paid in cash

There is no comparable data on remote payment in Germany, but except Germany, 96% of online transactions use non cash tools, including credit card (49% of online transactions), electronic payment solutions (27%) and credit transfer (10%); 4% of online transactions use cash (e.g. cash on delivery); 4% of online transactions use non cash tools;

Cash is important for 55% of consumers

49% of the respondents preferred to use credit card or other cashless payment instruments (43% in 2016); 27% preferred cash, down from 32% in 2016, and the remaining 24% had no opinion. When asked about the importance of cash, 55% of the respondents thought it was very important or very important that they could still choose to pay in cash in the future.

34% of consumers use cash as a means of storage

Since 34% of respondents keep their cash at home or in a safe place, cash is also considered as an alternative to saving as a precautionary motive.

40% of consumers used less cash during the pandemic

According to another survey conducted in July 2020 on behalf of the European Central Bank in all euro area countries on the impact of the epidemic on cash trends, 40% of respondents have reduced their cash use since the beginning of the epidemic, and nearly 90% of them will continue to reduce their cash payments after the end of the epidemic (certainly 46%, possibly 41%).

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