Cash usage declined to 59% in 2024, says study

Consumers continuing to increase use of digital payment options

Cash was used in 59% of transaction in 2024, a study of more than 1,000 Irish consumers showed. (Picture: iStock)

Cash usage declined marginally in Ireland in 2024, with 59% use in transactions, a study of more than 10,000 consumers across Europe found.

The BearingPoint European Payment Study gathered answers from nine European countries. The study, which included more than 1,000 Irish respondents, showed a gradual decline in cash usage in Ireland, from 61% in 2023 down to 59% in 2024.

“Cash usage remains at a high level compared to other payment methods in European countries. It is currently unforeseeable that cash will lose its significant role in Europe, even though the frequency of cash usage has decreased compared to the previous year,” said Gillian O’ Sullivan, partner and country lead of the Irish practice at consultancy firm BearingPoint.

The study also showed increasing awareness of digital euro payment possibilities. Respondents primarily view the digital euro and the central bank digital currencies (CBDCs) as a complement to existing payment methods. Nearly a quarter (24%) of Irish consumers indicated they would be happy to use a digital euro initiative for payments.

“More and more Europeans are getting involved with the digital euro and there is a growing interest in Ireland, especially for online transactions,” said BearingPoint head of finance and risk Martin Deere.