Greeks are champions in the use of cash

Greeks are champions in the use of cash

Athens, May 17, 2016/Independent Balkan News Agency

By Spiros Sideris

Greece has the highest rate of cash use in EU countries, according to a pan-European survey of G4S for the use of cash and plastic “money” in the European Union.

Specifically, 94% of transactions in Greece, during the 2009-2014 period, was conducted through cash, while the average in the 28 EU countries reached 60%, with the volume of cash increasing by 11%.

The rate, however, of the buys that were carried out with cards or electronic means rose to 40%, with the volume of payments without cash, standing at EUR 103.2 billion.

Graham Levinsohn, head of G4S for Europe, commented that “what we are witnessing is a fundamental shift in the way money is used in Europe. European consumers and businesses will continue to use cash as part of a multimode payment economy. But we need to modernize the way we use them”.

As he noted, “the money supply chain in Europe is fragmented, which causes chronic dysfunctions. In the most extreme cases, cash is still being counted up to 17 times from the cashier to the bank. This causes an unnecessary expense to both businesses and banks”.

On his part, Yannis Liberopoulos, general manager of G4S Cash Solutions, noted that “the redesign and optimization of the cash flow cycle in Greece is now the only way, and should reduce the money processing stages between the parties (financial institutions, businesses, etc.)”. “This will bring significant economic benefits for all parties involved, as it will contribute to the reduction of the total cost of money management”, he added.

The exhibition was held with the cooperation of the European Central Bank (ECB), the European Commission, the European Payments Council, the European Consumers Organization, the Organization of European retailers (EuroCommerce) and others.