De Nederlandsche Bank (DNB) calls on stakeholders in the payment chain to make agreements to ensure that cash remains readily accessible and available in the Netherlands in the next five years. DNB announced this today after outgoing Minister of Finance Wopke Hoekstra had presented...Read more
Dutch pay in cash less frequently than at the beginning of 2020
Since June 2020, Dutch consumers have been paying in cash for around 20% of their purchases at points of sale (see Figure 1). This is significantly lower than in January and February 2020, when they paid 30% of their purchases in cash, but higher than just after the COVID-19 outbreak in the Netherlands in April, when only 15% of purchases were paid in cash.
In October 2020, consumers used contactless payment methods for 67% of their purchases at points of sale, against a mere 50% at the beginning of the year. Contactless payments not only increased at the expense of cash payments. Traditional debit card use has also decreased in recent months. At the beginning of 2020, consumers still used that payment method for 21% of their purchases. By October, this had fallen to 12%.