News • 11.05.2021

Towards a cashless society due to the corona crisis?

The impact of the corona pandemic on payment attitudes – ECB survey

hand holding a credit card over a payment device
Source: Panthermedia/Milkos

In order to measure the impact of the pandemic on cash trends, an ECB survey was rolled out in all euro area in July 2020. Therefore the IMPACT survey gives a view of possible changes in the payment attitude of consumers and their payment behavior in Europe. In total 17,779 persons were interviewed, online or via telephone. 

Results for the euro area as a whole 

Looking at the three POS locations where most transactions were carried out, cash payment was mostly used in restaurants, bars and cafés (63%) and in small shops for day-to-day items (57%). At supermarkets, cash was only used to settle 38% of the transactions.

Due to the public concerns about risks of being contaminated with the coronavirus via cash, a little over one third of the respondents stated that they had experienced a situation in which cash was not accepted. Only 8% of the respondents had not paid with cash since the start of the pandemic.

Nearly half (45%) of the respondents paying less with cash since the start of the pandemic stated that paying electronically had been made more convenient, as can be seen in the chart below.

chart displaying the main reasons for changing payment behavior during the...
Source: ECB

Results at the country level 

Great variation exists at the country level: in Ireland, Belgium and Spain, more than half of the respondents said that they were paying less with cash since the pandemic, whereas in Estonia, Latvia and Malta less than 25% said the same.

No breakthrough of payments with mobile devices

The number of payments with a mobile device (e.g. a phone or a smart watch) did not increase drastically, because over half (53%) of the respondents said that they did not have such a payment instrument.

87% of the respondents who stated that they had paid less in cash said that they would continue to do so when the coronavirus crisis is over, of which 46% said that they were certain that they would continue to do so. 

Author: Elisa Wendorf; Source: ECB

related articles:

popular articles:

Thumbnail-Photo: Simple integration of POS-systems
28.02.2024   #retail #Tech in Retail

Simple integration of POS-systems

Interview with Star Micronics

Receipt, label and kiosk printing, POS systems for tablets and cloud-based – Star Micronics Europe Ltd. offers flexible and innovative POS solutions for the retail and hospitality sectors. ...

Thumbnail-Photo: Turning customers into friends - heres how it works...
24.01.2024   #marketing #online marketing

Turning customers into friends - here's how it works

WhatsApp channels as a secret weapon in the marketing mix

In fall 2023, Meta launched WhatsApp channels, a completely new feature in 150 countries ...

Thumbnail-Photo: Extenda Retail expands into the German market...
17.04.2024   #customer experience #POS software

Extenda Retail expands into the German market

New leadership and innovative POS solutions

Leading Nordic POS provider Extenda Retail is expanding into the German market, focusing on acquiring new customers ...

Thumbnail-Photo: “REWE voll pflanzlich” – The store concept of the future?...
25.04.2024   #brick and mortar retail #sustainability

“REWE voll pflanzlich” – The store concept of the future?

German supermarket chain experiments with first vegan store

Have you heard about REWE's (pronounced ‘ray vuh’) latest project? Two weeks ago, the food giant opened its first ...

Thumbnail-Photo: Sustainable printers for mindful consumers
28.02.2024   #retail #Tech in Retail

Sustainable printers for mindful consumers

Interview with Bixolon

Bixolon has noticed a change in consumer behavior and is responding accordingly. Sustainability is more important than ever before. As a result, the company has developed new POS printers and printing processes. ...

Thumbnail-Photo: Trends for Mothers Day and Fathers Day: How retailers can score...
10.04.2024   #sustainability #marketing

Trends for Mother's Day and Father's Day: How retailers can score

How to make the holidays a success for your business with creative gift ideas for mom and dad

Mother's Day and Father's Day are just around the corner – two special occasions to shower our parents with thanks and appreciation. Traditionally, we use these days ...

Thumbnail-Photo: Cash management made easy?
28.02.2024   #retail #Tech in Retail

Cash management made easy?

Interview with APG

Cash is the lifeblood of retailing and has to be managed. The payment solutions company APG shows a portfolio of possibilities – 'seamless' is a key priority here. ...

Thumbnail-Photo: Communication at the POS in focus at Meto
15.05.2024   #labels #price labelling

Communication at the POS in focus at Meto

Price labellers, labels, ESL fasteners and sales promotion solutions: Meto International GmbH offers everything for ...

Thumbnail-Photo: Accurate and frictionless user experience
27.02.2024   #retail #Tech in Retail

Accurate and frictionless user experience

Interview with Toshiba

For Toshiba, the focus is on the customers. To make their shopping experience as pleasant and smooth as possible, the company is driving forward the development of computer vision, machine learning and AI. ...

Thumbnail-Photo: Leaving a good impression on the customer
28.02.2024   #retail #Tech in Retail

Leaving a good impression on the customer

Interview with Extenda Retail

For retailers, the checkout is the most important part of the customer journey. Because this is where customers decide whether they come back or go to the competition next time. Mohit Paul, CCO of Extenda Retail, explains what a seamless and ...

Supplier

Extenda Retail Ab
Extenda Retail Ab
Gustav III:s Boulevard 50A
169 73 Solna
Meto International GmbH
Meto International GmbH
Ersheimer Straße 69
69434 Hirschhorn