Key Trends in European Consumer Payments for 2024 Highlight Digital Shift

Digital payment methods are gaining significant traction across the euro area, according to a new European Central Bank (ECB) report. The Study on the Payment Attitudes of Consumers in the Euro Area (SPACE) reveals a marked shift toward convenience and technology since 2019, with online and card payments leading the charge.

Online payments now account for 21% of day-to-day transactions, up from 17% in 2022, while their value share surged to 36%. Cards dominate point-of-sale transactions by value at 45%, though cash remains prevalent for small purchases and person-to-person transfers, holding 52% of POS volume and 41% of P2P activity.

Despite the decline in cash usage, 62% of consumers still prioritize access to physical currency. Mobile apps and cards are emerging as key alternatives for P2P payments, capturing 33% of such transactions.