April 14, 2017 – The European Central Bank recently released a new €50 banknote and accompanying video about how Europeans currently make purchases. People are increasingly opting for cashless payments, with credit cards leading the charge, followed by bank transfers and direct debit. Europe averages 1.5 payment cards per shopper, and point-of-sale systems are currently being upgraded to support contactless shopping. That said, cash accounts for over 75% of transactions made in the euro area on average, and the adoption of electronic payments is not universal. For example 88% of Greek and 87% of Spanish payments are made with cash, while the same statistic for Estonians and Finns is 48% and 42% respectively.
- The video is available from the ECB.