Cash payments continue to play an important role in the consumer market despite the worldwide trend toward digitalization, especially for smaller-value and interpersonal transactions.

52% of point-of-sale transactions in 2024 used cash, down from 59% in 2022, suggesting a slow but steady shift to digital payments. However, digital payments show their supremacy when assessed by transaction value instead of frequency. Cash payments come in second at 39%, down from 42%, and card payments at 45%, down slightly from 46%. In the meanwhile, mobile applications now account for 7% of transaction value, up from 4% previously.

Online, where digital payments account for 21% of total transactions and 36% of total value in 2024—up from 17% and 28%, respectively, in 2022—the preference for digital payments is even more pronounced. Of these, cards continue to be the most popular way to make payments online, making up 48% of transactions, followed by mobile applications and payment wallets, which make up 29%.

With 55% of customers choosing cards and other non-cash means in retail settings, 22% still prefer cash, and 23% express no clear preference, consumer preferences are trending steadily. Consumers have identified speed and convenience of use as benefits of card payments, but cash is thought to be superior for cost control and privacy.

It's interesting to see that most customers appreciate having cash on hand; in 2024, 62% of consumers (up from 60% in 2022) said having cash on hand is vital. With 87% of consumers finding it simple to withdraw cash, customer happiness with cash access is still strong, but somewhat lower than the 89% satisfaction rate in 2022.

ECB Executive Board member Piero Cipollone emphasized the organization's dedication to delivering safe and accessible payment systems, emphasizing the value of offering choices that incorporate both cash and digital payments. "We are committed to providing safe, effective, and accessible payment methods. We want to ensure that people may always choose to pay with public money, both now and in the future, by supporting both cash and the creation of a digital euro," Cipollone stated.