Cash always pays the credit card in its own way! In 2022, cash payment still appeals to a majority of French people, despite the rise in force of bank card payments. In any case, this is shown by the latest survey of consumer attitudes towards payment in the euro zone by the European Central Bank (ECB), reported by the Banque de France. In France, 50% of point-of-sale payments are now made in cash. A strong figure which, however, shows a decline of 7 points compared to 2019 and 18 points compared to 2016. But this deterioration remains below the average observed in the other countries of the euro zone (-14 points).
Although “the ease of access and wide acceptance of cash contribute to their continued existence”, other arguments explain the resistance of the old method of payment. And in particular the stormy economic context. “People in a situation of “fiscal fragility” tend to use cash more often,” notes the Banque de France. The institution also notes that “the lower the amount of the transaction, the more this transaction is settled in cash”. Sociodemography also explains payment behaviors: low-income older men are more likely to use cold hard cash.
However, “the use of cash continues to erode in France”. But cash settlements keep a comfortable lead on the bank card. The latter represents only 43% of point-of-sale payments nationally and 34% in the euro zone. Despite everything, the Banque de France observes “a preference for cash lower than the effective share of cash payments”, with an average difference of 37 points between the declared preference for cash (22% in 2022 in the euro zone) and the share of payments actually made in cash at points of sale (59% in volume).
Even if the French say they mostly prefer to pay by card, cash is experiencing “a resurgence in popularity (5 points in terms of “preference” between 2019 and 2022) which, if not isolated, contrasts with the average evolution observed in the rest of the euro zone (– 5 points over the same period)”. Especially since for the majority of consumers, it remains important to be able to pay in cash. However, the time of the hoard hidden under the mattress is gradually approaching memory: “only 30% of French respondents say they have a reserve of cash at home”. The average amount of the purse only reaches 61 euros in France, against 83 euros on average in the euro zone.
A surprise remains. “Contrary to what the previous survey, carried out in July 2020, might have suggested, the health crisis ultimately only had a moderate impact on cash payment habits,” notes the Banque de France. Indeed, “the majority of consumers (56% in France and 54% in the euro zone) believe that they have not changed their frequency of using cash at points of sale since 2019”. The decrease would be due only to the increased ease of other means of payment, and in particular payment by contactless telephone, which has doubled in three years.