Share of cash payments at points of sale (POS) continues to fall
In 2019, the number of cash consumer payments made in shops, bars, restaurants, hotels, petrol stations, market stalls and to service providers fell from 2.53 billion (worth EUR 34 billion) to 2.28 billion (worth EUR 32 billion). Conversely, debit card payments went up from 4.28 billion (worth EUR 108 billion) to 4.70 billion (worth EUR 116 billion). Most of these payments – 3.02 billion – were contactless, with consumers using their debit cards or smartphones. The accelerated shift from cash to electronic payments is largely the result of cash-to-contactless substitution, especially for small amounts. Increasing numbers of consumers are paying contactless, and most of them use their debit card to do this. Surprisingly, just under a quarter of all consumers indicate they do not have a contactless debit card, whereas more than 90% of all debit cards are in fact contactless-enabled. This probably means that part of these consumers do not realise their debit card actually has the contactless feature.