How MasterCard challenges consumers to live cashfree
Europeans want to enjoy cashfree holidays, this is one of the key conclusions of a new study MasterCard conducted together with InSites Consulting. The results of our survey show how people across Europe prefer having their cards on hand on holiday, more than the rest of the year: 91% of them carry their cards while on holiday vs 60% at home and over half of those questioned would like to pay more by card when on vacation.
Based on the results of this pan-European study across 8 European countries, MasterCard now set-up a unique campaign challenging consumers to live cashfree day to day, called the NoCash Summer. Throughout Europe, NoCash pioneers will be challenged to use as little cash as possible. In the next few weeks, they will share photos, videos and messages about the reality and benefits of a world beyond cash via the campaign website. With this campaign and with the findings gathered in the research study, MasterCard wants to immerse in consumers’ daily lives, exploring the question of a cashless society.
Discover more research findings
The main reasons Europeans cite to pay by card on holiday are convenience (65%), fear of cash being stolen (41%), security (38%), not having cash on hand (37%), speed (34%) and better tracking of expenses (30%). Additionally 44% of all Europeans are convinced cash will soon become a thing of the past, thanks to the speed of innovation. A staggering 50% of European consumers believe that cash is the cheapest way to pay, but in fact every single person actually pays – usually without knowing it – to process, circulate and protect that hard currency.
For Europeans time is valuable when on holiday; 51% of them consider that looking for a cash machine on holiday is wasting time that could be spent on the beach or enjoying the city. 29% often feel lost on holiday when they can’t pay by card. There are however, some small expenses where Europeans don’t yet feel comfortable reaching for their cards on holiday, particularly for small purchases, which are more often paid for by cash. For instance, Europeans pay mostly with cash for postcards (85%), ice cream or snacks (84%), tips for the waiter (83%), taxis (77%) or even souvenirs (61%).