Only 38% of Luxembourg Residents Use Cash Much Less than a Year Ago

ING International

In its latest study, ING International Survey looks at the way consumers make their payments, whether in cash or by using the new payment methods available to them.

And unsurprisingly, it appears that Luxembourg residents are among the Europeans that are most “attached” to cash payments. Looking at the ranking by country, 38% use cash much less than a year ago, versus 53% for the European average. They nevertheless rank higher than the Germans (31%) and the Austrians (28%), but much lower than the Turks (67%) and the Italians (66%).

With regard to new payment methods, there is no surprise either: the percentage of Luxembourgers declaring that they are planning to pay more often with their smartphones is among the lowest, with 29% versus 52% for the European average. Only the Austrians rank lower with 26%, while the Turks (73%) and the Romanians (62%) top the ranking.

When it comes to virtual currencies, the mindset is the same: only 14% of Luxembourg residents questioned, i.e. the lowest percentage of all the countries, think that digital currencies such as the bitcoin are the future in online spending, versus 33% for the European average.

In Luxembourg, the study shows a greater wariness than amongst its neighbours with regard to the security of contactless payments: only 26% of the respondents declare that they trust this type of payment, versus 46% for the European average.

And by the same reasoning, only 20% of residents in the Grand Duchy – again the lowest percentage – use a mobile payment app, versus 40% in Europe!

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