Cash Retains Crown in Eurozone: ECB Survey Reveals Surprising Data

The latest survey published today by the European Central Bank (ECB), scrutinizing cash usage by companies in the euro area, reveals that despite the age of digitalization, physical currency is far from dead and is, in fact, entering a phase of recovery. Contrary to the decline seen in the post-pandemic period, it has been stated that cash continues to maintain its status as the most widely accepted payment method in the region.

Unexpected Resurgence in Cash Usage

The vast majority of companies operating in retail, restaurants, cafes, hotels, and arts-entertainment sectors continue to accept cash payments. Survey data suggests that this rebound may be directly correlated with the perception of economic security.

■In 2026, 92% of companies operating in physical locations reported accepting cash payments.

■This rate indicates a marked increase from the 90% level recorded in 2024, demonstrating the end of the decline observed in the post-pandemic era.

■Cash remains the most widely accepted payment instrument across the Euro area.

The Two-Faced Nature of Digital Transition

Despite the resilience of cash, digital payment infrastructures are also being aggressively adopted by business owners. The surge in mobile payments, in particular, proves that technological adaptation is not slowing down.

■The acceptance rate of card payments remained stable at 88% between 2024 and 2026.

■The share of companies accepting mobile payments saw a surprising jump from 36% to 68% over the same period.

■While 25% of companies in the region have taken steps to promote digital payments, 13% have introduced self-checkout terminals.

■When choosing payment methods, companies cite consumer preference, security, and ease of handling as the primary considerations.

■Compared to digital methods, cash is still seen as having major advantages, specifically in terms of privacy and reliability.

This resilience in cash demand acts as the market's most natural search for liquidity against central bank digitalization mandates. During M2 contraction (QT) processes, the shift of citizens from the banking system to cash is proof of the deepening "shadow liquidity" pool outside the system. While the explosion in mobile payments signifies operational efficiency, the rise in cash preference may point to growing distrust against the financial system or a demand for anonymity.