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Cash Going Strong in Eastern Europe

Categories : Cash is trust
October 10, 2016
Tags : Banknote/Note, Europe, Payment instruments, Trust, Unbanked
Cash is the most popular payment method in Eastern Europe, largely surpassing Western Europe and the United States.
Communication Team / Equipo de Comunicación

Cash remains the most popular payment method in Eastern Europe. The 3rd Quarter PYMNTS Global Cash Index™ found that in 2015 Eastern European consumers spent over $1 trillion in cash, surpassing both Western Europe and the United States in shares per capita.

Countries that have the highest cash shares are Lithuania and Croatia with 86.5% and 71.3%, respectively. Those with the lowest are Estonia (19.2%) and Turkey (25.9%).

Tomas Karpavičius, Head of Market Infrastructure Policy Division of the Bank of Lithuania, lists people’s habits and history as the main reasons why they prefer cash over other payment methods. Consumers in Eastern Europe consider cash free of charge and more secure in a region has frequently been hit by political unrest and economic insecurity.

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