Its latest piece of research, the Study on the Payment Attitudes of Consumers in the Euro Area, was published in December 2020 and revealed the following key findings for 2019: • 73% of all transactions in the euro area were carried out using cash • Cash represented 48% of the total value of all payments made by consumers • Cards continue to be the second most used payment instrument and contactless technology was used for more than one in three card transactions • On average, euro area citizens made 1.6 POS and P2P transactions per day at an average value of €25.6 • 48% of the POS and P2P transactions were conducted in local shops for day-to-day retail purchases (shops, supermarkets, street markets) and 19% in restaurants, bars, cafés and hotels

With an ever-increasing range of digital payments available, it may come as a surprise that demand for physical money-especially high-denomination notes-is also rising, but it shouldn`t. The comfort and security offered by cash in a crisis are as tangible as ever, and in a digital world, the privacy of cash transactions is a unique commodity. In America, and other countries using its currency, demand for dollar bills has been setting new records, reaching $2.09 trillion by the end of 2020. Having risen 16 percent since February that year (pre-pandemic) the figure has also doubled since 2011. So, while COVID-19 has driven a normal surge in cash holdings-with periods of uncertainty typically seeing a rise of currency in circulation as people turn to the dependable security of cash-the upward trend predates the pandemic, which has only accelerated it.

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