According to a survey conducted by the Oesterreichische National Bank (OeNB), cash remains the preferred means of payment in Austria.
Ninety-five percent of the population cannot imagine a world without cash, and 64 percent believe it should retain its importance. On average, Austrians carry 102 euros in cash in their wallets, compared with 95 euros in 2021. For 93 percent of respondents, cash is the “optimal means of payment” in brick-and-mortar stores.
Payment cards are also popular
In addition to cash, payment cards are also popular in stationary retail, both those with and without code entry. Payment cards enjoy 88 percent and 76 percent approval ratings, respectively. Payment apps, on the other hand, have lower acceptance, especially among older users.
Brick-and-mortar retail accounts for 84 percent of all payments made, cash accounts for 63 percent of all transactions and cards account for 30 percent. Regarding transaction volume, cash accounts for 48 percent and cards for 46 percent; they are narrowing the difference between the two payment methods.
Austria: Cash is the most important means of payment for most people
The survey also shows that cash is preferred for small amounts of less than EUR 10, while more people resort to payment cards for bills between EUR 50 and 100.
The payment method survey was conducted in 2022-2023, including face-to-face and online interviews with 1,400 people and the analysis of 568 payment diaries.