Stories | April 26, 2017

Are you a cash-free devotee or happy with the hard stuff?

New research by ING suggests many in Europe may welcome a cashless society.

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.

eZonomics team
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Mobile bankingResearch

This article is related to the ING International Survey:

Mobile Banking 2017 – Cashless Society

Mobile Banking 2017 – Cashless Society

April 26, 2017

The fifth annual ING International Survey on mobile banking finds in this first report, on the cashless society, that people in Europe, the USA and Australia are becoming more comfortable with fewer notes and coins...