Exhibit 1
Cash remains dominant at PoS - digital payments have captured e-commerce and are growing in P2P.
Cash
Cards
Mobile / E-Pay
CT / Instant
Other
Source: European Central Bank, National Central Banks; Shares may not sum to 100% due to rounding
Exhibit 2
Aggregated across all use cases, cash and cards account for 83% of total Euro Area retail transaction volume.
Source: European Central Bank, National Central Banks; Shares may not sum to 100% due to rounding
Exhibit 3
The PDM Digital Maturity Index reveals strong card adoption - mobile and instant payments offer the largest near-term upside.
35.3
/ 100
Non-cash usage at PoS
56%
56%
Instant share of credit transfers
44%
44%
E-pay share at e-commerce
29%
29%
Mobile / wallet at PoS
12%
12%
Source: European Central Bank, National Central Banks
Background
Supply Side (Providers)
SEPA harmonisation and successive EU Payment Services Directives opened domestic markets to new entrants and drove rapid PoS terminal expansion. From 2016 to 2024, terminal density grew substantially as acceptance networks matured. Global card schemes, wallet providers, and fintechs challenged incumbent domestic players - accelerating product innovation and fee compression across the currency union.
Demand Side (Consumers)
Historically cash-dominant - particularly in Germany, Austria, and Southern Europe - consumer behaviour shifted sharply during the COVID-19 pandemic. Contactless adoption surpassed 50% of in-store card transactions by 2022. Cash at PoS declined from over 70% in 2016 to 52% in 2024, though structural variation persists across member states.
Current Situation
52% of PoS transactions still in cash - the largest single payment instrument in the Euro Area.
Market in active structural transition · PDM Index: 35.3 / 100
Supply Side (Providers)
Cards lead non-cash at PoS with 39% of volume. Terminal density stands at 59 per 1,000 inhabitants. Instant payment infrastructure is operational across most member states - 44% of credit transfers now processed instantly. E-pay providers (PayPal, iDEAL, Klarna) captured 29% of e-commerce volume, up significantly from 2020.
Demand Side (Consumers)
PoS dominates retail at 82% of transaction volume. The PDM Index of 35.3 reflects a market in transition - from near-cashless environments in Northern Europe to cash-heavy economies in the South and East. P2P mobile adoption is growing, with 36% of person-to-person transfers now via mobile apps and wallets.
Outlook 2027
PDM Index projected to reach the mid-40s by 2027 on the back of regulatory tailwinds.
EU Instant Payments Regulation · PSD3 · SEPA Payments Account Access
Supply Side (Providers)
Full enforcement of the EU Instant Payments Regulation requires all PSPs to offer instant credit transfers at standard pricing. PSD3 and the PSR will deepen open banking, supporting A2A payment growth. Near-universal contactless acceptance is projected by 2026.
Demand Side (Consumers)
Cash at PoS is forecast to decline toward the mid-40% range by 2027. Mobile wallet adoption is expected to grow from 6% toward 10%+. P2P instant payments will likely displace cash transfers, driven by interoperability mandates and real-time settlement demand.
€ 39
Avg. transaction value
0.72
ATMs per 1,000 inhab.
~333
Non-cash trx. / capita