05.03.2025

by Julia Pott

Payment behavior in Europe is changing: cash is becoming less important, while digital payment methods are gaining relevance. The digital euro in particular is coming more into focus and could play a central role in future payment transactions. These are the findings of a recent study by management and technology consultancy BearingPoint, which shows how payment behavior is developing in Europe.

Cash is losing importance – especially in Northern Europe

The use of cash is declining across Europe, but remains the preferred payment method in the German-speaking countries. While cash continues to dominate in Austria (73%), Germany (69%) and Switzerland (57%), the Nordic countries are pioneers in digital payment transactions: cash is used much less frequently in Sweden (28%) and Denmark (35%). Overall, the use of cash has decreased in almost all countries surveyed compared to the previous year.

Cash utilisation in a country comparison: survey results

Graphic: A bar chart compares the cash payments of consumers in European countries in 2023 and 2024 as reported in a survey; Copyright: BearingPoint

In most countries, cash usage fell in 2024 compared to the previous year, with only Finland recording a slight increase.
© BearingPoint

Digital euro is becoming better known, but not everyone is informed

The study shows that awareness of central bank digital currencies (CBDC) has increased. Only a third of respondents have not yet heard of the digital euro. However, awareness of CBDCs is lower in Sweden, Denmark and Switzerland, where four out of ten people are unfamiliar with the concept. The majority of respondents see the digital euro as a useful addition to existing payment methods.

Central Bank Digital Currency (CBDC) is a digital form of central bank money. It serves as a supplement or alternative to cash and traditional bank deposits. In contrast to cryptocurrencies such as Bitcoin, a CBDC is issued and regulated by the state and is intended to offer a stable, secure and efficient payment option. The digital euro or the Swedish e-krona are examples of such a central bank currency that are being discussed in Europe.

What could the e-euro mean for trade? Read more about the digital euro in the retail sector.

Use of the digital euro for online shopping

According to the survey, one in three people on average would use the digital euro. In Sweden and Denmark, on the other hand, interest is lower: only one in four people there would use a digital central bank currency. It is particularly noticeable across countries that frequent use of cash goes hand in hand with greater acceptance of the digital euro.

The preferred area of use for the digital euro is online shopping. On average across countries, 37% of respondents stated that they would use the digital euro here. The leader is Ireland with 48%, followed by Austria (42%), which recorded the strongest growth compared to the previous year. Germany is close behind with 38%. Acceptance of online shopping with a digital central bank currency is lowest in Sweden at 26%.

In addition to online retail, 28% of respondents see bricks-and-mortar retail as a relevant area of application for the digital euro. Especially in Ireland (36%) and Finland (34%), the use for money transfers between private individuals is also valued.

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Which of the following criteria would encourage you to use central bank digital currencies?

Graphic: A bar chart compares survey results from 2023 and 2024 on the factors leading to the use of a central bank digital currency; Copyright: BearingPoint

More than a third of respondents show no interest in digital central bank currencies such as the digital euro. For those interested, free use and a dense network of acceptance points are decisive factors.
© BearingPoint

Free of charge remains the decisive criterion

A 1-euro coin stands on the edge in the foreground, surrounded by other lying coins; copyright: Adobe Express

The most important criteria for using the digital euro have not changed compared to the previous year: 43% of respondents expect it to be free of charge and 37% want it to be generally accepted. Trust in data security (30%) and the payment method (28%) follow as further usage criteria. A particularly good user experience is only a decisive factor for one in five.

Banks enjoy by far the highest level of trust when it comes to handling digital euro transaction data: 55% of respondents prefer banks as data managers. Technology companies such as Apple, Google and Amazon only received 5% approval.

Background to the Europe-wide study on payment behavior

The survey was designed by BearingPoint and conducted in nine European countries between November 19 and December 1, 2024. A total of 10,222 people from Germany, Austria, Switzerland, Denmark, Finland, France, Ireland, the Netherlands and Sweden took part. The results are representative of the respective population aged 18 and over. BearingPoint regularly analyzes payment behavior in Europe and has extended the survey to two additional countries for the first time.

Source: Press release by BearingPoint

What could the e-euro mean for trade? Read more about the digital euro in the retail sector.