According to the latest study from ING International Survey (IIS), 76% of Luxembourg residents who were questioned expressed a preference for a 100% cashless store over a 100% cash store.
The percentage is even greater for residents who do not have Luxembourg nationality, with 80% opting for the 100% cashless store. (cashless: all payment means not involving cash—transfers, mobile payments, card payments, etc.).
If we compare different payment methods, Luxembourg residents favour cash payments for small amounts such as drinks and snacks (71%), giving pocket money (59%), public transport (49%) or lending money to friends or family members (39%).
However, residents generally avoid cash when paying bills at restaurants (79%), buying gifts (80%), buying groceries (84%) or paying their rent (77%). This may be due to the fact that 55% consider cashless payments to be more secure, hence its use for more significant amounts.
We can also see this change in payment methods for amounts between €11 and €50. The use of cashless solutions is therefore favoured for larger amounts.
More details can be found at www.ezonomics.com/ing_international_surveys/mobile-banking-2017-cashless-society/ & www.mymoney.lu
