A new study has analysed Europe’s leading cashless economies. The study highlights the countries where citizens are most likely to go completely cashless and who uses contactless payments the most.
According to the largest ATM operator in the UK, Link, cash usage has halved in the last few months due to fears of spreading COVID-19 through cash usage, shop closures, the shift to contactless payments and more people spending online. But where in Europe is the most cashless society?
The Merchant Machine study notes that the Netherlands ranks 1st place as the most cash free country in Europe. With over half of payment transactions being contactless, the country also has the highest debit card ownership, with 99% of people owning one.
The country also had the lowest number of ATMs per 100,000 people and the highest Digital Readiness ranking. Despite ranking 1st overall, only 23% of the people would go without cash completely suggesting whilst being the most eager to be cash free, for the Netherlands, cash is still remains an important payment type.
The Czech Republic had the highest amount of contactless payment transactions, whilst Belgium had the lowest at just 4%.
With 44% of people wanting to go completely cashless, Hungary is the keenest to lean towards a cashless society, this was closely followed by Italy at 41% and Poland at 40%. Only 21% of people in the UK would like to go completely cashless – the lowest in the top 10 overall.
Sources:
- https://www.imd.org/wcc/world-competitiveness-center-rankings/world-digital-competitiveness-rankings-2019/
- https://www.theglobaleconomy.com/rankings/ATM_machines/
- https://data.worldbank.org/indicator/FB.ATM.TOTL.P5
- https://www.statista.com/statistics/968803/debit-card-ownership-rate-european-countries/
- https://www.theglobaleconomy.com/rankings/people_with_debit_cards/
- https://www.statista.com/statistics/946228/contactless-payments-market-share-at-pos-in-europe-by-country/
- https://www.spglobal.com/marketintelligence/en/news-insights/trending/ZPGL_lXdNsznMrKGvNsetQ2
- https://usa.visa.com/dam/VCOM/global/visa-everywhere/documents/visa-cashless-cities-report.pdf
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