We may still be part of the EU for the time being (Brexit waiting in the wings), but the UK has trumped the EU with the amount of card transactions being generated as opposed to cash payments. Expert Market (a business to business comparison site for payment systems), reports that at the close of 2016, the UK saw £81.3 trillion card payments processed, closely followed by Germany with £48.7 trillion cashless transactions.
Electronic Payments in the EU
The report was conducted to understand which countries in the European Union are benefiting the most financially from digital payments. The report looked at each EU country in turn analysing the number of cashless payments and the total revenue generated from electronic payments.
Is Europe heading towards a cashless society?
Jared Keleher, editor and lead researcher at Expert Market believes that although the increase of going cashless across Europe is inevitable, it will be the countries that can provide the “older sectors with cashless capabilities” that will be the winners.
In Germany in 2014, 80% of transactions were done by cash payments, however 2015 saw Berlin taxis introduce contactless payments making Germany a lead contender in the age of the cashless era.
Malta failing to embrace contactless technology
The report states that on the contrary, at the bottom of the list, is Malta with only £89 million cashless transactions compared with the UK that processed 535 times more cashless payments. The report explains for countries that are reluctant to move forward into the cashless revolution may have ‘hidden economies’ and rely on a cash system for tax evasion purposes.
Southern Europe to utilise contactless technology
There is great potential in Southern Europe for small businesses to come up with the times and offer cashless payments in countries where cash is still the preferred method of payment, although attitudes are progressing chasing.
How can I accept contactless technology?
As we draw towards the end of 2018 now is the perfect time to get equipped with contactless technology if you haven’t to date. More and more customers are looking and expecting to pay by card. If you are looking for a reliable provider you are in safe hands. Not only do we offer the latest in contactless card machines, but we can support businesses who are looking to save money on their merchant accounts. A simple free comparison tool will deliver a self explanatory breakdown showing what savings could be made. What are your thoughts on the rise of contactless payments and what experiences have you had as a customer in Europe? As ever leave your message or comment below.