Austria continues to lag significantly behind other countries when it comes to cashless payments. When it comes to electronic transactions, the Alpine Republic will again rank in the bottom third compared to 16 other European countries, with an average of 300 payments in 2023.
According to the report, most cashless payments – that is, transactions with credit cards, debit cards or smartphones – took place in Norway last year, with an average of 815 per capita.
Behind this were Luxembourg (753), Ireland (705) and Denmark (675). Germany was just ahead of Austria with 304 transactions. Only Spain (288), Malta (243) and Italy (194) had fewer transactions than the Alpine Republic.
Increase in digital transactions
Despite the persistently high cash quota, digital transactions are also increasing in this country. With a growth of 16.3 percent compared to the previous year, Austria recorded the fourth strongest increase in 2023 compared to other countries.
Plus in Payment Branch
The global payments industry has also grown, with revenue increasing from $1.6 trillion to $1.8 trillion last year. However, growth is likely to slow down in the coming years.
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.
