According to a recent business survey by the European Central Bank (ECB), cash remains the preferred means of payment in the euro area. The representative survey, conducted in February and March 2024, shows that 88% of companies accept cash, while 85% accept payment cards. In Austria in particular, 54% of small and medium-sized enterprises (SMEs) prefer cash payments.
The survey included 7.675 companies of different sizes and sectors, including retail and hospitality. Cash is perceived as a secure means of payment by 94% of companies, followed by reliability (92%) and ease of use (90%). Despite a decline in the acceptance of cash and cards by 8 percentage points each since 2021, there is an increase in mobile payments (from 30% to 37%).
A large majority (94%) of companies that accept cash plan to continue to do so in the future. The main reason for 39% of companies rejecting cash is the declining use by consumers. In Austria, 44% of cashless SMEs express similar concerns. The study shows that consumer preferences have a significant influence on companies' payment behavior.