Although the use of cash in Europe is declining, more than half of all transactions are still conducted with banknotes. However, when it comes to the value of payments, the share of cash is significantly lower.
Data from a study conducted by the European Central Bank (ECB) shows that in 2024, cash transactions accounted for 52 percent of the total number of payments in the eurozone. Additionally, the figures indicate that in terms of transaction value, the share of cash was 39 percent.
In 14 out of 20 eurozone countries, cash remains the most commonly used payment method, while in about half of the countries, it constitutes between 45 and 55 percent of all transactions. The largest differences exist between Northern and Southern Europe. While in the Netherlands cash is involved in only 22 percent of transactions, in Malta that share reaches 67 percent.
Southern and Eastern Europe Love Cash
In Southern and Eastern European countries, cash still dominates. Italy records a total of 61 percent of cash payments, Spain 57 percent, and Slovenia even 64 percent. Croatia is also in the upper part of this table with 55 percent.
On the other hand, in Northern and Western Europe, cash is becoming increasingly rare. The Netherlands (22%), Finland (27%), Luxembourg (37%), Belgium (39%), and France (43%) lead in digital payments, while in some of these countries cash is almost disappearing from everyday use. Among the four largest economies in the EU, France is the only one below the eurozone average of 52 percent, while Germany stands just above, at 53 percent.
– “In the Netherlands, digital payments are very widespread, including contactless payments by card or mobile phone. Consumers perceive them as faster and more convenient than cash or traditional cards,” said a spokesperson for the Dutch central bank to Euronews Business. He added that both cash and cards are widely accepted by merchants, partly due to low fees and bank campaigns promoting digital payments for small amounts.
Cash Share in Payment Value
When looking at the value of transactions, cash in the eurozone has a share of 39 percent, with a range from 17 in the Netherlands to 59 percent in Lithuania. The highest dependence on cash, where more than half of total consumption is in banknotes, was recorded in Lithuania, Slovakia (56%), Slovenia (56%), Austria (56%), Malta (54%), and Croatia (51%).
In the mid-range by value are Italy (49%), Portugal (47%), Spain (45%), Ireland (44%), Cyprus (43%), and Greece (42%). Six countries record a cash share of 35% or less: the Netherlands (17%), Finland (28%), Luxembourg (29%), Germany (30%), France (34%), and Belgium (35%). Even among neighboring countries, significant differences are visible. For instance, Lithuania leads, while Latvia stands at 36 percent.
The results show that cash is still crucial for small amounts, while payments over 50 euros are most often made with cards. For example, Germany, although similar to Austria in payment culture, is increasingly transitioning to digital solutions, while cash remains in focus in Austria.
Why Do People Still Use Cash?
Participants in the ECB study cited several advantages of cash over cards. The most frequently mentioned were anonymity and privacy protection (41%), greater control over expenses (35%), and immediate transaction settlement (30%). An additional 28 percent of respondents said they use cash because it is accepted in more situations, while about one in five mentioned that cash is easier or faster. Only 18 percent cited cash as a safer payment option.
Differences can also be drawn according to age groups, as younger consumers generally feel more comfortable with digital payment methods. Data shows that consumers under 40 used cash for less than 50 percent of their transactions, while individuals aged 65 and older made 57 percent of their payments in cash.
The Cashless Society Policy
And while Northern and Western countries are pushing Europe towards a cashless society, the issue of consumer security and privacy should become crucial, and the question is whether it will. Digital payments, while practical, open the door to mass tracking possibilities and profits for technology platforms and banks. Every transaction in the virtual world leaves a digital trace, making it very easy to track consumer habits, spending, and even locations, which in the hands of private companies or the state can become a surveillance tool. Without cash, anonymity and the possibility of true financial freedom disappear, and the system becomes more vulnerable to cyber-attacks, failures, and manipulations. Europe risks that the convenience of digital payments turns into a control tool, where citizens, instead of choosing, are actually forced to follow technological dictates, often without any real choice.
