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How Are Payments Made in Austria?

This study presents the results of a survey conducted in fall 2005 on the payment habits of Austrian households, comparing its findings with those of similar surveys carried out in 1996 and 2000. The focus is to analyze changes in the use of payment means over time and, on this basis, to assess future trends. As the analysis in the 2005 survey shows, cash continues to dominate the structure of payment transactions, remaining by far the most important means of payment. Cash payments account for 86% of all direct payment transactions by Austrian households and for 70% of the total payment value. Compared with the previous surveys, however, the share of cash has contracted noticeably whereas the share of payments at point-of-sale (POS) terminals (via debit card payments) has more than doubled in the last five years to 11.5%. Although credit card payments have posted a slight increase, their share in the total volume still remains very low (1.3%). Overall, the results indicate the continuation of cash-card substitution. From a central banking perspective, assessing future trends in cash demand is a key monetary policy issue. The findings of this study suggest that Austrian households’ payment habits will not change abruptly, therefore, any impact on monetary policy can be expected to remain very limited.

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File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Monetary-Policy-and-the-Economy/2006/Monetary-Policy-and-the-Economy-Q2-06/chapters/mop_2006_2_06_tcm16-45592.pdf
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Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy & the Economy.

Volume (Year): (2006)
Issue (Month): 2 ()
Pages: 111–134

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Handle: RePEc:onb:oenbmp:y:2006:i:2:b:6
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  1. Sheri M. Markose & Yiing Jia Loke, 2000. "Network effects on Cash-Card Substitution in Transactions and Low Interest Rate Regimes," Economics Discussion Papers 507, University of Essex, Department of Economics.
  2. Mathias Drehmann & Charles Goodhart & Malte Krueger, 2002. "The challenges facing currency usage: will the traditional transaction medium be able to resist competition from the new technologies?," Economic Policy, CEPR;CES;MSH, vol. 17(34), pages 193-228, 04.
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