Electronic Payments Up in Eurozone, Including Greece, ECB Study Finds

Arecent survey by the European Central Bank (ECB) across Eurozone member states revealed that in 2024, Greece was among the countries where cash lost ground to electronic payments, such as cards and mobile payments.

Cash vs. Card Payments in Greece

In Greece, only 42% of the total value of transactions at consumer service points (POS) were made in cash, while 47% were made using cards—one of the highest proportions in the Eurozone.

Greece’s rapid shift away from cash supports the government’s efforts to combat “black” (undeclared) money. Measures like connecting cash registers with POS systems have already contributed to reducing tax evasion.

Despite this trend, 50% of Greeks stated that they prefer cash as their primary payment method to electronic payments, the highest percentage among Eurozone countries.

Cash Usage Across the Eurozone

According to the ECB, cash remained the most frequently used payment method in 14 out of 20 Eurozone countries in 2024. While electronic payments are increasingly utilized for retail transactions, cash still plays a vital role in society and is widely used across the population.

In the broader Eurozone:

The share of cash payments (in terms of the number of transactions) ranged from 22% in the Netherlands to 64% in Slovenia and 67% in Malta.
Card payments were used for over half of POS transactions in Finland (57%), the Netherlands (56%), and Belgium (53%).

In Greece, 54% of transactions by number were made in cash, compared to 37% with cards. However, in terms of transaction value:

Cash accounted for 42%, while cards represented 47%.

In 10 out of 20 Eurozone countries, the total value of cash payments exceeded that of card payments, illustrating the continued significance of cash in these economies.