Money in physical form such as banknotes and coins. remains the most popular See Payment instrument. 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 A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. 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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