In a European comparison

Austrians still swear by cash

Austria continues to lag far behind other countries when it comes to cashless payments. With an average of 300 electronic transactions in 2023, the Alpine republic is once again in the bottom third compared to 16 other European countries.

According to the report, the most cashless payments - i.e. transactions by credit card, bank card or smartphone - were made in Norway last year with an average of 815 per capita. 

It was followed by Luxembourg (753), Ireland (705) and Denmark (675). Germany was only just ahead of Austria with 304 transactions. Only Spain (288), Malta (243) and Italy (194) recorded fewer transactions than the Alpine republic.

Upturn in digital transactions
Despite the continued high cash ratio, digital transactions are also on the rise in this country. With growth of 16.3% compared to the previous year, Austria recorded the fourth strongest increase in a country comparison in 2023.

Growth in the payment industry 
The global payment industry has also grown: turnover rose from 1.6 trillion to 1.8 trillion US dollars last year. However, growth is likely to slow down in the coming years.