Most NL residents believe cash will still be common in five years
Three quarters of Dutch residents expect to still be using cash five years from now. At the same time, about 42 percent expect that they will use cash less frequently, the Dutch Central Bank (DNB) said based on a survey of over a thousand people.
"The Dutch people who expect to pay with cash either less often or not at all especially think that electronic payments are becoming easier," the DNB wrote.
In the 30 to 49 age group, nearly 80% of respondents expect to still be dealing with banknotes and coins in five years. Among people younger than 29, that was 71%.
The coronavirus crisis has accelerated the decline in the use of cash at store registers from 32 percent in 2019 to 21 percent last year. Most DNB survey respondents who prefer electronic payments cited convenience as a reason for that. Nevertheless, the majority of the Dutch still carry cash with them, something DNB advises too.
The survey also revealed that high-value bills were still declining in popularity. In the past year, 39 percent of the Dutch population possessed a 100 euro bill. For a 200 euro note, that was 14 percent. Only six percent of those polled said they carried a five hundred euro bill. All three banknotes appeared to be used less compared to previous years.
The decline in the use of these bills is partly due to the fact that they are not commonly available at bank branches or ATMs, the DNB said. They are also not accepted in many stores. Furthermore, the 500-euro bill is also no longer issued.
Approximately half of the Dutch population associate the use of 200 and 500 euro bills with illegal activities, the study found.