Dublin, June 11, 2012 - Research and Markets (www.researchandmarkets.com/research/g6zlp4/cards_and_payments ) has announced the addition of the "Cards and Payments Throughout Europe" report to their offering.
There is a war on cash in Europe. Used for 6 out of 7 payment transactions in Europe, cash is disliked by governments and financial services organisations alike as it is expensive to manufacture, administer and keep secure. Cash is also the currency of the black economy in Europe and costs governments billions in unpaid taxes alone. This is a particular problem in some of the economically-troubled southern European countries. In Greece, Italy and Spain, for example, tax evasion is estimated to amount to 30%, 25% and 20% of the overall economy, respectively. As these countries and others in Europe attempt to clear budget deficits, governments will be keen for consumers to migrate towards more formal and traceable payments systems such as cards, credit transfers and direct debits. Cash tends to be a more popular payment method in southern European countries, where it accounts for more than 70% of retail sales payments. In the majority of northern European countries, non-cash payments account for the majority of retail sales transactions, with 30% or less being made using cash.
- This report provides an analysis of the cards and payments systems of key countries within the proposed SEPA area, with a particular focus on the main markets in Western Europe
- It also provides an assessment of the progress that different types of payment cards have made in light of the progress to full European EMV implementation
- The progress that contactless payments are making on the European payments market is also considered
- Likewise the growth of e-commerce in the region
- There is a war on cash in Europe, which is used for 6 out of 7 payment transactions
- European consumers hold an average of 1.5 cards each, and the latest data suggests that the number of payment cards in circulation is stable
- The European payments market is fragmented and complex, with 9,900 monetary financial institutions, just under 8,000 of which operate in the Euro area
- New product innovations such as contactless cards have not yet started to make an impact on low value cash payments across Europe
Key Topics Covered:
Cards and payments in Europe - Conclusions
For more information visit www.researchandmarkets.com/research/g6zlp4/cards_and_payments .
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Source: Company press release.