About one in five (21%) in Europe say they now rarely carry physical notes and coins, according to the ING International Survey Mobile Banking 2017 – Cashless Society report.
The study probes nearly 15,000 people’s attitudes to the cashless society concept in 15 countries in Europe, the USA and Australia. Results suggest a cashless society is not only possible but could be accepted by at least part of the population in many countries.
Fifty-four percent of respondents living in Europe agree or strongly agree that “I use physical cash much less than 12 months ago”. Of that proportion, nearly eight in 10 (78%) also say they expect to go on using fewer notes and coins in the next 12 months.
Some rarely use the hard stuff
In fact a fraction of the population has largely dispensed with cash – only resorting to physical notes and coins once a month, once a year or even less often. Increasingly people are transacting via non-cash methods, including cards and mobile payment apps.
Living comfortably without physical cash was considered the stuff of science fiction only a few decades ago. Today it is a realistic proposition.
However, we also see that although many now choose to use physical cash less often, there are those who – currently – are sticking with notes and coins.
About a third (34%) of the people in Europe surveyed agree that if it were up to them, they would go completely cashless – although there are differences between countries. Learn more in our full research report.
This article is related to the ING International Survey: