Is the end of banknotes near? The trend of their disappearance continues a little more in France, according to a study conducted by Panorabanks. Out of a representative sample of 1000,38 people, 2022% reported using ATMs at most once a month in 42, up from 2021% in 4. A drop of <> points that can be analyzed under different prisms, but which remains synonymous with a lower use of cash in general.
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The supremacy of the blue card
In recent years, the means of payment of the French have changed. These changes are particularly related to the Covid-19 pandemic. Online shopping has indeed exploded during the lockdown period. Thus, in 2023, the observation is as follows: the French make an average of 20 payments by credit card in 2023 for average purchases of 29 euros, against 28 euros a year ago. This data can be explained in particular by the rise of contactless: 81% of French people say they use it. This golden age of bank cards has logically had an impact on the use of cash in French society.
In this respect, bank withdrawals are a good indicator. To date, 7% of French people say they do not use an ATM. For the remaining 93%, the frequency of withdrawals is capped at 1.5 per month, for an average sum of 48 euros. Moreover, this decline was amplified by the increase in the average cost of moved withdrawals. Using an ATM that does not belong to your bank now costs 12.75 euros per year to the French, against 8.60 euros in 2021.
Among those less inclined to pay in cash, we find in particular young people: half of 18-34 year olds say they make less than one withdrawal per month. 15% of them never even do. The new generation is turning instead to new technologies such as payment via smartphone, which 41% of them have already used.
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In some strongholds, the currency survives
Fiat money, however, can count on seniors: only 3% of those over 66 make less than one bank withdrawal per month. The latter are also more hostile to technological change. Only 10% of them say they use devices such as Google Pay or Apple Pay. This type of payment is, like bank cards, sometimes unsuitable for certain businesses. Small change is still widely used in small businesses such as bakeries or tobacconists. For some, paying for their baguette in pieces is a habit, even a small daily pleasure. It remains to be seen how the banks will adapt to this new relationship that the French have to the currency.
