A new MasterCard study shows that Europeans want to enjoy their holidays without cash.
The research indicates that people across Europe prefer to have their cards on hand during holidays more than during the rest of the year: 91 percent carry their cards on holiday compared to 60 percent who use them at home, and more than half, or 53 percent of respondents, would like to pay more with cards while on holiday.
Europeans cite the main reasons for using cards during holidays as: convenience (65 percent), fear of cash theft (41 percent), security (38 percent), not having cash on hand (37 percent), speed (34 percent), and better expense tracking (30 percent). Additionally, 44 percent of Europeans are convinced that cash will soon become a thing of the past, thanks to the speed of innovation. A staggering 50 percent of European consumers believe that cash is the cheapest payment method, but in reality, every person pays, often without realizing it – for processing, transferring, and protecting that solid currency. For example, it costs each German €150 annually.
Europeans value their time when on holiday; 51 percent believe that searching for an ATM while on holiday is a waste of time that could be spent on the beach or enjoying the city. 29 percent often feel lost on holiday if they cannot pay with a card.
However, there are some minor costs that make Europeans still reluctant to use cards on holiday, especially when it comes to small purchases that are more often paid in cash: Europeans most frequently pay for postcards (85 percent), ice cream and snacks (84 percent), tips for waiters (83 percent), taxis (77 percent), or even souvenirs (61 percent).
– Life without cash is becoming easier every day. European consumers clearly see the advantages of electronic payments while on holiday and therefore want to use them more. For all these reasons, we have decided to develop an international cultural-sociological campaign called ‘Summer Without Cash’. Across Europe, pioneers of the ‘Summer Without Cash’ project will be challenged to use as little cash as possible, even for the smallest purchases. Over the next few weeks, they will post photos, videos, and messages about the real state of affairs and the benefits of a cashless world on our Tumblr blog. We have no doubt it will be fun, but also that this experience will open everyone’s eyes. This is the future of payments – Jennifer Rademaker, Product Director for Europe, MasterCard.
