Europe on the Verge of Eliminating Cash?

The European Parliament showed support for the “No Cash Day” on 5 April but inspite of everything, including impressive uptake of contactless payments, cash is staying strong.

For the sixth time, the No Cash Day on 5 April 2016 makes a public call for europeans to stop using cash for transactions for 24 hours. This year, the European Parliament announced support for the event, making it a Europe-wide initiative for the first time.

Launched back in 2011, the “No Cash Day” is intended to raise awareness of digital payments, mainly among general public. It started in Italy, a country well-known for it’s love of cash transactions, although the italian government introduced a€1,000 cash transaction limit.

If you’re taking some countries and certain sectors as a sample, digital transactions took off already in Europe. In London, there have been a huge increase due to the payment systems for the tube and busses.  Europeans like to feel that they are generally advanced when talking about payments, but when you’re considering countries like Italy, Portugal or Germany where cash is used in up to 80% of transactions, how advanced are europeans actually?