Market Research Report
Cards and Payments Throughout Europe
|Published by||Timetric||Product code||242086|
|Published||Content info||78 Pages
|Cards and Payments Throughout Europe|
|Published: April 30, 2012||Content info: 78 Pages||
This publication has been discontinued on February 2, 2017.
There is a war on cash in Europe. Used for 6 out of 7 payment transactions in Europe, cash is disliked by governments and financial services organisations alike as it is expensive to manufacture, administer and keep secure. Cash is also the currency of the black economy in Europe and costs governments billions in unpaid taxes alone. This is a particular problem in some of the economically-troubled southern European countries. In Greece, Italy and Spain, for example, tax evasion is estimated to amount to 30%, 25% and 20% of the overall economy, respectively. As these countries and others in Europe attempt to clear budget deficits, governments will be keen for consumers to migrate towards more formal and traceable payments systems such as cards, credit transfers and direct debits. Cash tends to be a more popular payment method in southern European countries, where it accounts for more than 70% of retail sales payments. In the majority of northern European countries, non-cash payments account for the majority of retail sales transactions, with 30% or less being made using cash.