ECONOMY

19 may 2017

A cashless economy ? Most Belgians do not want it


Technological advances are increasingly encouraging us to avoid using coins and banknotes.

A cashless society has advantages (for instance fighting against the underground economy) but also involves risks associated with cybercrime. Proposing alternative payment systems and forcing to give up banknotes are two different things and most Belgians are not ready yet to jump into a cashless economy. Even though electronic payments are more common in Belgium, almost 6 out of 10 Belgians say they do not want to switch to a cashless economy.

Key points
  • Belgians have on average 50 euros in their wallet and 59% of them said they have made a cash payment in the last 48 hours

  • For payments of above 100 euros, Belgians are among the least likely to use cash

  • The underground economy is quite extensive in Belgium and therefore the benefits of electronic payments remains large

Download here the full study.

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