The health crisis has not put an end to coins and banknotes, but their use continues to decline. This is the conclusion of the Banque de France, which presents its new study on French means of payment on Thursday.
In 2022, the number of cash transactions represented 50% of total purchases in France. A fee that is still higher than those made with a credit card, which was 43% last year. Small daily expenses such as those incurred in the bakery, the tobacconist or the kiosk.
The remaining 7% are payments by check, bank transfer and, above all, mobile payments, which increased in the period.
While cash still accounts for the majority of payments, the Banque de France notes that its use continues to decline. Coins and banknotes accounted for 68% of transaction volume in 2016, 59% in 2019 and therefore 50% in 2022.
At the same time, card transaction volumes increased from 27% in 2016 to 35% in 2019 and then to 43% last year. This is the number of transactions and not the total amounts spent where bank card has outperformed cash for several years. On average, the French withdraw only 73 euros per month from the distributor while the expenses paid with their card reach 543 euros.
Merchants called to order
But if developments continue at this rate, in the next study by the Banque de France, the card could have supplanted cash. France is also one of the countries in the euro zone that has abandoned cash the fastest, since on average among our neighbors cash payments exceed their proportion here by 20 points.
However, the French, especially those over 55 and vulnerable households, remain attached to cash. On the one hand because it is a payment method that is not traceable and above all because it allows you to better manage your budget, especially in this period of inflation. You only spend what you have in your pocket.
The Banque de France is also very concerned that this payment method will be accepted in stores in the country.
At the end of last year, the Banque de France called French merchants to order, some of which, such as Carrefour or Casino, require payment by card, particularly at automatic tellers.
Source: BFM TV
