According to a new survey by Strategy&, debit cards are increasingly overtaking cash in the rest of Europe

While more and more people across Europe are paying digitally or contactless, Austrians remain loyal to cash. This is the conclusion of the ‘Payments and Open Banking Survey’ conducted by strategy consultancy Strategy& (https://www.strategyand.pwc.com/at/de.html).

Debit cards are trending

Across Europe, only 23 percent of respondents prefer to pay for their purchases in cash. Two years ago, the figure was 37 percent. The classic debit card has become the most popular payment method in Europe. It is now used by 40 percent of respondents. Credit cards (22 percent) and apps or wallets (14 percent) follow.

In Austria, the preference for notes and coins is declining more slowly. Two years ago, just under half preferred to pay in cash (47 percent), today the figure is significantly lower (39 percent). However, cash remains the preferred means of payment. This makes Austria the only country in Europe where debit cards and similar payment methods are not yet the norm.

‘New approaches are needed’

‘New approaches to cash supply are needed – for example, through cooperation with retailers or ATM alliances. It will also be crucial to identify regional differences in customer preferences and respond to them with differentiated market strategies,’ says Hendrik Bremer, co-author of the study.