Means of payment: practical, accessible… the French remain very attached to “cash”
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It’s a very French paradox. In the age of contactless payments or by smartphone, cold hard cash is used less and less to pay for daily expenses – it represented 50% of transactions in 2022, compared to 57% in 2019. And yet, they occupy an ever more important place in our wallet. “They remain the most used means of payment, ahead of the bank card,” underlines Marc Schwartz, CEO of Monnaie de Paris.
The latest Ifop barometer carried out for this institution, and published this Tuesday March 19, confirms the trend by revealing that 83% of French people (compared to 79% in 2022) are attached to coins and notes. Better yet, according to this study carried out in September 2023, 74% of those over 18 use them on a daily basis, whereas there were fewer of them (68%) the previous year. To do what ? Pay at small merchants, pay gifts, give money to loved ones, or even pay for groceries.
Better visualize your expenses
Practical and accessible, cash has several advantages. “It promotes confidentiality of exchanges, whereas with digital payment everything is traced and used for advertising purposes,” argues Marc Schwartz. “In times of inflation, it allows you to better visualize your expenses and therefore more easily control your budget,” adds the CEO, referring to the “envelope method” which is all the rage on TikTok. “Cash is not just a method of payment, it remains a preferred means of building up precautionary savings. More and more households are keeping a reserve of cash at home. »
So many reasons which explain why 87% of those questioned say they are worried about seeing it disappear. At a time when banks are reducing their vending machine park, the boss of the Monnaie de Paris reassures by observing the evolution of neighboring countries. “After having long advocated the disappearance of cash, the Swedish authorities have reversed course by passing a law which requires banks to continue to ensure sufficient supplies. »
The European Commission is also carrying out a project which would mean that cash can no longer be refused. In France, this is already the case. “A merchant cannot refuse a cash payment below 1,000 euros and 50 coins,” recalls Marc Schwartz. Otherwise, he risks a fine of 150 euros.
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