94% of Austrians refuse to give up cash.
In Austria, the debate over the use of cash (Bargeld) is still more heated than in other European countries. While the idea of enshrining the right to use cash in the constitution was previously discussed, the Austrian National Bank (OeNB) is now taking a more pragmatic stance by calling for a law that requires stores and institutions to accept cash payments.
The bank manager, Eduard Schock, confirmed on Tuesday that individuals do not always have the ability to enforce their desire to pay in cash, making legal intervention necessary to ensure freedom of choice in payment methods. He explained that the goal is to provide a real option for consumers, amid increasing instances of refusal to accept cash payments.
Although 94% of the population in Austria still uses cash, the percentage of those who refuse to pay in cash has risen from 6% in 2020 to 9% last year, which the OeNB considers a threat to the balance between payment methods.
To ensure the continued availability of cash, agreements have been made with the Gemeindebund (Austrian Association of Municipalities) and banks to ensure that ATMs remain in their locations. OeNB will install up to 120 ATMs in underserved areas itself, and additional regulatory measures may be taken if necessary.
This move also comes in the context of planning for the implementation of the digital euro, which is expected to become mandatory for acceptance. Currently, there is no legal obligation to accept cash, which is what the OeNB and the European Central Bank are seeking to change, to ensure complete equality between cash and digital currency. The European Commission's proposals also stipulate the establishment of a national authority responsible for cash matters and overseeing the implementation of these policies.