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Digital payments continue to rise across the euro area, but cash remains a key payment method, especially for in-store transactions and small-value exchanges, according to the European Central Bank’s (ECB) latest  on consumer payment attitudes.

In 2024, cash accounted for 52 percent of in-store payment transactions by number, a decrease from 59 percent in 2022. 

Cards, meanwhile, remain the dominant payment method in value terms, with a 45 percent share (down slightly from 46 percent), followed by cash at 39 percent (down from 42 percent) and mobile payment apps at 7 percent (up from 4 percent).

The shift towards digital payments is driven by an increase in online transactions, which now make up 21 percent of consumers’ day-to-day payments by number and 36 percent by value, up from 17 percent and 28 percent respectively in 2022, the ECB said. 

Cards lead the way in online payments, representing 48 percent of transactions, while electronic wallets and mobile apps collectively account for 29 percent.

Despite the growing digital trend, consumer preferences for payment methods remain stable. 

A majority (55 percent) favour non-cash payments in stores, 22 percent prefer cash and 23 percent are indifferent. 

Consumers perceive cards as faster and more convenient, but appreciate cash for expense management and privacy.

Access to cash remains a priority, with 62 percent of consumers emphasising the importance of having cash as a payment option, up from 60 percent in 2022.

In addition, 87 percent report being satisfied with access to cash through ATMs or banks, although this marks a slight decline from 89 percent in 2022.