It appears most Europeans are not interested in going cashless anytime soon. More specifically, the European Commission is looking to introduce cash limits. Such measures could go into effect as soon as 2018. However, the vast majority of Europeans are not interested in this concept. In fact, 95% of respondent indicates they are opposed to a cash ceiling. This also means going cashless will not happen anytime soon.
When the European Commission allowed for feedback regarding the cash ceiling, most people knew the result already. Limiting the amount of cash value Europeans can spend at any given time is never a smart decision. Restricting payments at the EU level don’t benefit anyone. It’s bad for business, bad for consumers, and only beneficial to banks. After all, they want consumers and companies to become even more reliant on their services altogether.
Cash has its Place in the European Union
Granted, only 30,000 people have effectively been consulted regarding this matter. It is not a valid representation of every person in the European Union. Then again, less than 1% of the people consulted feels cash limits and going cashless have any benefit whatsoever. This clearly indicates people have no issue with cash whatsoever. Instead, they prefer to keep it around, as it allows for a certain degree of financial freedom. Banks, on the other hand, want to curb that freedom whenever they can.
Additionally, it is evident some countries will continue to support cash for a long time to come. Both Germany and Austria are very keen on these transactions. France, on the other hand, is home to cash transaction limited already. Despite that limit, a lot of people still prefer regular money over electronic payments. EU-wide Cash restrictions make no sense whatsoever. Never fix a problem that doesn’t exist. There is plenty of opposition to this idea, yet it remains to be seen if the EU will take it into account.
Interestingly enough, these limits pose a threat to privacy and personal anonymity. That is the overwhelming reason as to why surveyed parties don’t want these limits in the first place. Using cash as a payment method is an “essential personal freedom”, according to 87% of the people. The EU, on the other hand, feels privacy and anonymity are not fundamental human rights. There is clearly a clash of opinions, but for now, cash will remain king in the EU. That is until the European Commission goes off and does its own thing regardless of what people want.