More

Social Media

Sign Up for Our Newsletter

Light

Dark

Premium News, Wealth Management

Switzerland Lures Mobile Millionaires: A New Trend

December 10, 2024December 13, 2024

Switzerland Lures Mobile Millionaires: A New Trend

Premium News Membership Required

You must be a Premium News member to access this content.

Already a member? Log in here

Previous PostUBS Study: Billionaires’ Wealth Doubles in 10 Years Next PostPartners Group Acquires Empira Group: Key Investment

Cash Losing Ground in the EU: A Digital Shift Explore how cash is declining in the Eurozone as digital payments rise, reshaping consumer habits and the future of transactions. In the ever-evolving landscape of monetary transactions within the Eurozone, cash appears to be gradually relinquishing its erstwhile dominance. Despite its continued status as the preferred medium of exchange for many consumers, particularly for minor purchases, the European Central Bank (ECB) has illuminated a discernible shift towards digital payment modalities. Recent analyses reveal that while cash transactions still constitute a significant portion of exchanges, their prevalence is waning. In 2023, a mere 52 percent of transactions were executed in cash, a notable decline from 59 percent in 2022 and a staggering 72 percent in 2019. This trend underscores a broader societal pivot towards the convenience and efficiency of digital payments. Moreover, the ascendancy of card payments is equally striking, with their share escalating from 25 percent in 2019 to 39 percent in the latest evaluation. This transition is not merely a statistical anomaly; it reflects a profound transformation in consumer behavior and preferences. Interestingly, the decline in cash transactions is not uniform across the Eurozone. While most member states have witnessed a decrease in cash usage, Finland and the Netherlands stand as exceptions, maintaining a more robust engagement with physical currency. Cyprus has experienced the most pronounced drop, with an 11 percentage point decrease in cash transactions, followed closely by Germany, Malta, and Portugal, each recording a 10 percentage point decline. As we navigate this intricate tapestry of financial evolution, one must ponder: is cash truly losing its grip, or is it merely adapting to a new role in an increasingly digital economy? The answer may lie in the delicate balance between tradition and innovation, a dance that will undoubtedly continue to unfold in the years to come.

Cash Losing Ground in the EU: A Digital Shift

DWS Sells 235 Build-to-Rent Homes in Spain Real Estate Deal

DWS Sells 235 Build-to-Rent Homes in Spain Real Estate Deal

US Study: ETFs Drive Significant New Investment

US Study: ETFs Drive Significant New Investment

Luxembourg Eases Active ETF Rules: Key Insights

Luxembourg Eases Active ETF Rules: Key Insights

Swiss Sustainable Investment Funds: Maturing Market Trends

Swiss Sustainable Investment Funds: Maturing Market Trends

Italy House Prices Surge in 2025: Genoa & Turin Rise

Italy House Prices Surge in 2025: Genoa & Turin Rise

Novo Banco Sells Non-performing Loan Portfolio for €30.7 Million

Novo Banco Sells Non-performing Loan Portfolio for €30.7 Million

Greece Real Estate: Property Sale Speed in Athens & Thessaloniki