“People still love cash,” at least in Western Europe, according to the latest PYMNTS Global Cash Index. Although some countries are following anti-cash agendas in efforts to boost mobile payments, there is increasing growth in the use of cash as consumers spend more and populations swell.
Far from waning, the high demand for ATMs shows consumers need convenient access to cash. What’s more, Jonathan Simpson-Dent, Chief Commercial Officer of Cardtronics, finds a correlation between economic uncertainty and a flight to cash, particularly among consumers in Southern Europe. Cash use is expected to grow over the next five years aided by easy access to ATMs strategically placed to suit lifestyle patterns.
Here are the numbers:
2.1 trillion euros | The amount of cash used in 2015 in the WU-15
2 million | The number of people in the U.K. who use an ATM on “payday Friday”
89% | The percentage of the E.U.’s GDP represented by cash transactions
21% | The percentage of payment transactions in Germany that are cash
7% | The year-on-year increase in ATM cash withdrawals on a public holiday in the U.K.