UIPOS has analysed the types and methods of payment in European transactions and found that, although the use of digital payments in the euro area continues to rise, cash still accounts for more than half of all point-of-sale (POS) transactions.
Among the different payment methods, 52% of POS transactions are made using cash, followed by bank card payments, which account for 45%. Mobile payments is still the smallest, only 7%, but compared with 4% in 2023, it has increased a lot, thanks to the continuous development and growth of online payments.
From the perspective of consumer usage habits, if people do not have enough cash on hand, cards are their most commonly used alternative payment method, accounting for 48% of transactions. Other electronic methods, such as payment wallets and mobile applications, together account for 29%.
UIPOS also conducted a survey of 100 random customers, who stated: “Cash is more helpful for managing expenses and protecting privacy, while cards are faster and easier to use. In addition to everyday card payments, withdrawing cash from ATMs or banks in Europe is very convenient.”
But we have to admit that with the continuous development of digital transactions, the use of cash will decline, and the volume of online digital transactions will increase. Online digital transactions in Europe now account for 21% of the number and value of consumers’ daily payments, up from 17% and 28% in 2022. But in terms of the overall transaction share, cash payments are still the main force in European point-of-sale transactions.