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New European Central Banks report shows cash is still going strong

A new study by the European Central Bank shows that the use of cash is still widespread in most European countries.

The report found that 79% of all transactions were carried out using cash at point of sales – 54% of the total value of all payments.

In comparison, 19% of all transactions were made using a payment card, 39% of the value.

The study’s authors argue that this “seems to challenge the perception that cash is rapidly being replaced by cashless means of payment.”

The study also suggests that men are more likely to use cash then women, and that almost a quarter of consumers keep some cash at home as a precautionary reserve.

The full report can be found here