Contactless Payment is Becoming Increasingly Popular in Northern Europe
While cash payments remain the most common method of payment in Germany and Austria, contactless payment by card has been growing dominant in Northern Europe, according to a YouGov survey cited by Lebensmittelpraxis and commissioned by the consultancy firm Bearing Point.
In Finland, 89% of consumers prefer contactless payments, while in Denmark and Sweden, the figures stand at 76% and 75%, respectively. In contrast, 69% of respondents in Germany and an even higher 73% in Austria still frequently use cash.
The survey indicates a declining trend in cash usage across Scandinavia: in Finland, only 46% of respondents regularly use traditional payment methods, while in Denmark this figure is 35%, and in Sweden, it is just 28%.
Despite the continued popularity of cash in Germany, with the majority still relying on it, one-third of respondents believe that cash could disappear entirely within the next ten years. By comparison, 38% of respondents across Europe share this view.
The openness to digital payment solutions is growing in all surveyed countries. The most significant shift is expected in Ireland, where 40% of respondents plan to use bank cards more frequently in the future, while 39% would prefer mobile phone or smartwatch payment options.
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