Use of cash continues to decline
19 December 2024 - 3 min Reading time
Digital payments have significantly increased in recent years, while the use of cash is decreasing. This trend has been visible for several years across Europe and in Belgium, and is confirmed by a study by the European Central Bank published today. Despite changing customer behaviour and declining use of cash, the banking sector continues to ensure access to cash for all citizens, among other things thanks to an adapted network of ATMs.
Belgians use less and less cash
For the majority of Belgians, digital payments have become an integral part of daily life. Just like in the rest of Europe, citizens are increasingly relying on digital payment methods and using less cash. There is still a basic need for cash as a means of payment, but its use continues to decline in Belgium. The ECB study on payment usage published today also shows that the use of cash has dropped to 39%. Along with the Netherlands (22%), Finland (27%), and Luxembourg (37%), Belgium is among the countries where cash is used the least in Europe. In 2022, this figure was still 45%, and three years ago, it was 57%.
Only 15% of Belgians prefer cash as a means of payment, which is also one of the lowest figures in Europe. In the previous study, the figure for Belgium was almost 20%, indicating that fewer and fewer Belgians prefer to use cash for their daily payments.
Bank Degroof Petercam; Belfius Bank, Beobank, BNP Paribas Fortis; Bpost Bank; Crelan; Deutsche Bank; ING; KBC; Keytrade Bank ; Leleux Associated Brokers; Van de PUT & Co; VDK Spaarbank
Adapted network of ATMs
Despite the structural decline in cash usage, the banking sector remains committed to ensuring access to cash in Belgium. The protocol we concluded with the government to guarantee the accessibility and availability of ATMs is proof of this commitment. The gradual improvement in the satisfaction of Belgians regarding the availability of ATMs compared to two years ago is already a positive signal. However, the dissatisfaction of Belgians is still too high compared to other European countries, and the sector is paying attention to this. This is not surprising as we are in a transition period with the deployment of the new ATM network.
Thanks to the initiative of Belfius, BNP Paribas Fortis, ING, and KBC/CBC, a new network of ATMs, the so-called CASH points, has been introduced. These replace the existing ATMs of the involved banks and are no longer located in the bank branches themselves. Other banks have chosen to continue offering their ATMs under their own brand name in their branches. This naturally means some adjustment for many customers but contributes to the improvement of the geographical distribution of ATMs in Belgium.
In this context, we also launched the brand-new website ikzoekeengeldautomaat.be/jechercheundistributeurdebillets.be last year. This website aims to help consumers find an ATM. You can quickly and easily find an ATM nearby on this website. Moreover, it also provides more details, such as information about the possibility to deposit cash and accessibility for wheelchair users.
