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All change: Apple Pay is taking over Britain, the French love cheques and in Germany cash is still king
Exclusive data from a 4,500-person Europe-wide survey on fintech AltFi has conducted with Streetbees reveals how payment habits are changing across the continent.
Mobile payments like Apple Pay and Android Pay are used by 38% of Brits, the highest adoption in Europe, while in France 31% of adults we asked said they still use cheques.
The revelations come as part of an exclusive Europe-wide survey of over 4,500 adults across five European countries, in what is one of the largest fintech studies ever conducted, to understand modern attitudes on digital banking and mobile money.
25% of the 990 UK adults asked in the AltFi/Streetbees Digital Banking Benchmark 2019 said they don’t use cash to make payments anymore.
“Most of the time I use contactless for ease and convenience, it’s best for me on my busy lifestyle,” wrote one 27-year-old British man.
“Contactless is convenient for me as I rarely carry cash, but on the occasion of stumbling across a place that doesn’t accept card or a delivery takeaway, I’ll still withdraw cash to use,” wrote a 20-year-old woman.
Conducted in partnership with Streetbees, the landmark survey posed 30 questions to adults across countries including the UK, France, Germany, Spain and Italy.
Full coverage of the AltFi/Streetbees Digital Banking Benchmark 2019 can be found here.
The decline of cash is well-documented and in fact Italian and French respondents were the least-likely to use cash in their payments, at 62% and 61% saying they use cash respectively.
German respondents were most likely to use cash (87%).
Europe-wide 24% of our 4,528 respondents said they use mobile payments like Apple Pay or Android Pay, however this was lowest in France where just 11% opt to use mobile payments.
For every countries cheques were the least-used payment method, with just 1% of German and Spanish respondents and 7% of Italian and 12% of British respondents using them—which could explain why digital banks are snubbing cheque imaging given usage rates are so low.
Want to dig into the data? The full AltFi/Streetbees Digital Banking Benchmark 2019 results can be accessed here.