ECB Working Paper: Consumers in the Euro Area Prefer Using One Payment Method

12 March 2024

By Aurėja Bobelytė – VILNIUS (Econostream) – Most consumers in the euro area prefer to use one payment method, generally cash or contactless cards, the European Central Bank said on Tuesday.

In a working paper on consumers’ payment preferences in the euro area, based on three waves of the ECB's Consumer Expectations Survey, the ECB said that ‘the use of smart payment methods remains very limited’.

According to the ECB, in Belgium and the Netherlands non-cash payment methods were the most popular, unlike in Germany and Italy, where consumers preferred to use cash.

In addition, the ECB found that men, young people, and high-earners were more likely to use payment options alternative to cash.