Austria lags behind European counterparts on cashless payment
The Alpine republic is still a country where cash is king. In a recent ranking of 18 European countries on cashless payments, Austria comes in the bottom third.
People in the country made an average of 247 cashless payments in 2022 – less than one per day – according to the Boston Consulting Group’s 2023 Payments Report.
That said, that was still a seven percent increase over the previous year.
People in Austria fell behind Norway – which sees people make about 708 cashless payments a year, as well as Denmark and Luxembourg. People in neighbouring Germany – a country where cash use is also widespread – made slightly more cashless payments last year than Austrians – at 284.
At 186 and 180 respectively, the fewest per capita cashless payments were made in Italy and Malta.
Cash use occupies a culturally significant spot in Austrian politics, with the current government seeking to amend the Austrian constitution to guarantee a right to its use.
According to national bank data, people in Austria withdraw €47 billion from cash machines every year, and there are about 97 ATMs per 100,000 residents - compared to Germany's 66.
According to the European Central Bank, about 70 percent of transactions performed in Austria in 2022 were done in cash, much higher than the eurozone average of 59 percent.
READ ALSO: Why is Austria set on making cash payments a constitutional right?
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People in the country made an average of 247 cashless payments in 2022 – less than one per day – according to the Boston Consulting Group’s 2023 Payments Report.
That said, that was still a seven percent increase over the previous year.
People in Austria fell behind Norway – which sees people make about 708 cashless payments a year, as well as Denmark and Luxembourg. People in neighbouring Germany – a country where cash use is also widespread – made slightly more cashless payments last year than Austrians – at 284.
At 186 and 180 respectively, the fewest per capita cashless payments were made in Italy and Malta.
Cash use occupies a culturally significant spot in Austrian politics, with the current government seeking to amend the Austrian constitution to guarantee a right to its use.
According to national bank data, people in Austria withdraw €47 billion from cash machines every year, and there are about 97 ATMs per 100,000 residents - compared to Germany's 66.
According to the European Central Bank, about 70 percent of transactions performed in Austria in 2022 were done in cash, much higher than the eurozone average of 59 percent.
READ ALSO: Why is Austria set on making cash payments a constitutional right?
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