Austrians still prefer to pay with cash and debit cards are also often used. The so-called mobile payment, i.e. paying with the smartphone, is becoming increasingly popular, according to a study commissioned by the BAWAG Group and the banking association. The means of payment also changes depending on the area of life: purchases in shops are often paid with a debit card, while in inns people pay more often with cash.
About 97 percent of the respondents pay cash and about 95 percent debit card. Paying with a smartphone or smartwatch, the so-called mobile payment, which was only introduced in Germany in 2019, is already actively used by 26.4 percent of those surveyed.
Credit card payments and online payment services are also becoming increasingly popular: “We are dealing with continuous change here. 25 percent of the population believe that payment behavior will change in the next ten years. Credit cards and mobile payments are becoming increasingly important. The use of cash is slowly declining,” said Gerald Resch, secretary general of the Banking Association, according to the broadcast.
Open every second for smartphone payments
About half of those surveyed already use Apple Pay and Co. or has indicated its intention to use it by 2033. Online payment services such as Paypal or Klarna are now used by 79 percent and six percent of those surveyed want to use the services within 10 years. Cryptocurrencies are currently only used for payment (not investment) by about six percent of survey participants, more than two-thirds will still exclude cryptos as a means of payment 10 years from now.
According to the research, in addition to the high acceptance, the familiarity and privacy also speak in favor of cash; the debit card scores above all with speed and convenience. “For the same reason, Austrians are increasingly opting for mobile payments,” says Resch.
Every eighth has nothing left at the end of the month
Awareness of the importance of financial facilities has increased recently when it comes to saving, according to a survey. The reason for this was the high inflation. At the same time, 45 percent of the respondents indicate that they will save and invest significantly less in the coming months.
“70 percent feel the impact of inflation on their daily lives, 81 percent pay more attention to price, three-quarters try to reduce spending and costs in everyday life,” said Enver Sirucic, member of the Banking Association’s board of directors and Chief Executive Officer. Financial Officer at BAWAG Group AG. About a quarter of the respondents can currently save a maximum of 5 percent of their income, for 13 percent there is nothing left to save from their income.
The market research agency marketmin surveyed 1,000 people between the ages of 18 and 65 online between 2 and 14 December 2022. According to marketmind, the results are representative for Austria.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
