Euro zone customers still mostly use cash for purchases

Euro zone customers still mostly use cash for purchases

In the euro zone cash is still preferred by consumers when it comes to making purchases, notwithstanding a great number of Western economies are quickly shifting to electronic payments. That’s what a poll issued by the European Central Bank revealed on Friday.

As follows from these figures, the euro zone happens to be one of the slowest among big Western economies in breaking up with old-school cash, trailing such countries as Great Britain, Australia, Canada and the United States.

Nearly 79% of point-of-sale transactions were carried out in cash in 2016, with the rate in Germany, the bloc's number one economy, at 80%, thus underscoring German unease as for the ECB's decision to remove 500 euro notes, a move widely considered to be a first step in drifting away from cash.

Having undergone devastating world wars as well as hyperinflation, economically conservative Germans are used to relying heavily on cash and even now still prefer traditional cash deposits.

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