Payment landscape in Europe
- Declining use of cash: the proportion of cash payments fell from 72% to 59% (2019-2022); number of banknotes in circulation decreased for the first time in 2023.
- Fragmentation: there is no single European payment solution for digital payments at the point of sale anywhere in the euro area.
- Dependence on international providers: 13 out of 20 euro area countries don’t have a national card scheme and rely instead on international schemes for digital payments. These schemes account for 64% of all electronically-initiated transactions with cards issued in the euro area.
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