Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Tapping into Card Payments: The Countries Reaping the Benefits of the Cashless Economy

  • Study looks at all 29 European Countries 
  • UK at no.1 spot with £81.3 trillion taken in cashless transactions 
  • Malta at the bottom of the list with only £0.089 trillion spend and prevailing cash culture

New research by Expert Market, a leading B2B comparison site for card payment systems, has revealed the countries where digital payment technologies are helping economies thrive.

The report uses the most recent data for all 29 countries in the European Union and considers the number of cashless transactions and total revenue from digital payments to determine the countries with the most digitally-ready businesses.

revenue from cashless paymentTap That: UK Leading the Way in the Cashless Coup

Topping the list is the UK, which generated a mammoth £81.3 trillion (90.9 trillion Euros) in cashless payments the year ending 2016 – the highest total number of cashless payment transactions (25,154 million).

As technological advances in the payments space continue to evolve, reports from this year revealed that card payments in the UK surpassed cash transactions for the first time, suggesting that the convenience of card payment options might be driving a rise in cashless spending.

Second on the list for card payment readiness is Germany. Despite being relatively late to the card payments party (with 80% of transactions conducted in cash in 2014)1, new measures such as bringing in card payments in all taxis in Berlin in 2015 have triggered a contactless revolution that puts their annual cashless spend at £48.7 trillion (54.5 trillion Euros).

Other countries in the top ten include Germany, France and the Netherlands.

  • https://qz.com/262595/why-germans-pay-cash-for-almost-everything/

TOP TEN:

RankCountry
1United Kingdom
2Germany
3France
4Netherlands
5Spain
6Poland
7Italy
8Czech Republic
9Belgium
10Finland

Cash Me Outside (The Law): Malta Rejects Digital Payments Revolution

At the other end of the scale is Malta, which came last for cashless payments with only £0.089 trillion (0.1 trillion Euros), for context, in that year the top ranking UK took 535 times more cashless transactions.

In 2016, research by the European Central Bank showed that 92% of transactions in Malta still involved cash. Rather than being a quaint nod to tradition, common opinion is that Malta’s reluctance to move money digitally is actually linked to ‘hidden economies’ and using cash for tax evasion – this may still present issues for businesses looking to tap into digital sales as a lack of demand has reduced the availability of cashless payment options.2

BOTTOM TEN:

RankCountry
20Slovakia
21Greece
22Croatia
23Bulgaria
24Lithuania
25Slovenia
26Latvia
27Estonia

2

https://www.timesofmalta.com/articles/view/20171128/local/malta-is-cash-capital-says-european-central-bank.66427 1

28                                    Cyprus

29                                    Malta

number of cashles paymentsJared Keleher who headed up the research comments: “For most countries the march of cashless is inevitable, but the winners in the next few years will be the countries that can equip older sectors with cashless capabilities. Looking at Germany in second position which so recently lagged behind, initiatives like theirs to update payments in taxis could push businesses into the modern world and help their economies to keep up with a changing world. Cashless economies allow people to make payments at any time anywhere, and crucially, in any currency. The global consumer market is just a card machine away!”

Notes:

If you’d like to use any of the data from this campaign please ensure you provide a link back to us:

https://www.expertmarket.co.uk/merchant-accounts#cashless-europe

For press enquiries please contact:

Grace Garland

[email protected]