{"id":4392,"date":"2020-12-03T08:55:48","date_gmt":"2020-12-03T08:55:48","guid":{"rendered":"https:\/\/www.futuresandoptions.gr\/en\/?p=4392"},"modified":"2020-12-03T10:02:50","modified_gmt":"2020-12-03T10:02:50","slug":"gradual-change-seen-in-euro-area-payment-behaviour","status":"publish","type":"post","link":"https:\/\/www.futuresandoptions.gr\/en\/gradual-change-seen-in-euro-area-payment-behaviour\/","title":{"rendered":"Gradual change seen in euro area payment behaviour"},"content":{"rendered":"<p>\u2022 Cash most popular instrument for in-person retail payments, but use gradually declining<br \/>\n\u2022 Card payments becoming increasingly contactless<br \/>\n\u2022 Survey suggests coronavirus pandemic has accelerated use of cashless payment methods<br \/>\nEuro area consumers are gradually shifting towards cards for in-person retail payments, although cash<br \/>\nremained the most used instrument at the end of 2019, data published today by the <a href=\"https:\/\/www.ecb.europa.eu\/home\/html\/index.en.html\">European Central<\/a><br \/>\nBank (ECB) show.<br \/>\nLast year euro area adult consumers used cash for 73% of their point-of-sale and person-to-person<br \/>\nretail transactions (48% in value terms). In a previous ECB study conducted in 2016, the figure was<br \/>\n79% of these transactions (54% in value terms).<br \/>\nThe use of cards for in-person retail payments increased by 5 percentage points over the same three<br \/>\nyears, from 19% to 24% (41% in value terms). Almost four out of ten card transactions were made<br \/>\nusing contactless technology in 2019.<br \/>\nFor their online shopping, euro area adult consumers paid mainly by card (49% of transactions) and<br \/>\none out of four online transactions was made using e-payment solutions. Four out of ten bill payments<br \/>\nwere made using direct debit and two out of ten by credit transfer.<br \/>\nIn order to understand the potential impact of the ongoing pandemic on consumers\u2019 payment behaviour,<br \/>\nthe ECB complemented its 2019 study with an ad hoc survey carried out in July 2020. Four out of ten<br \/>\nrespondents replied that they had used cashless often since the start of the pandemic. While most of<br \/>\nthose who fell into this category expected to continue to do so after the pandemic, the long-term impact<br \/>\non payment behaviour is still uncertain.<br \/>\n\u201cConsumers\u2019 freedom to choose their payment method is of the utmost importance to us. Therefore we<br \/>\naim to ensure acceptance of and access to cash throughout the euro area, while promoting innovation on <a href=\"https:\/\/www.futuresandoptions.gr\/en\/tag\/payments\/\">digital payments<\/a>, including in our work on the possible issuance of a digital euro,\u201d said Executive<br \/>\nBoard member Fabio Panetta.<br \/>\nThe data published today will help the ECB and the national central banks of the euro area to better<br \/>\nunderstand consumer demand and market trends, as well as to implement the Eurosystem\u2019s retail<br \/>\npayments and cash strategies. These include the promotion of competitive, innovative and resilient<br \/>\npan-European market solutions, as well as a commitment to keep cash accessible and accepted as a<br \/>\nmeans of payment throughout the euro area.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cash most popular instrument for in-person retail payments, but use gradually declining.<br \/>\nCard payments becoming increasingly contactless<\/p>\n","protected":false},"author":2,"featured_media":4393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1163,1146,14],"tags":[1202,481,1201,603],"class_list":["post-4392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-banks","category-fintech","category-financial-news","tag-e-payment","tag-ecb","tag-eurosystem","tag-payments"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gradual change seen in euro area payment behaviour -<\/title>\n<meta name=\"description\" content=\"Cash most popular instrument for in-person retail payments, but use gradually declining. 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