The new EU-wide rules aim to curb money laundering, tax evasion and organized crime by requiring large commercial transactions to be carried out through traceable payment methods.

New legislation mandates electronic payments for transactions over €500 and introduces stricter penalties to curb tax evasion, while also revising VAT-related fines and oversight of digital transactions

New research shows younger consumers overwhelmingly prefer cards and mobile apps over cash, citing better financial control, changing social attitudes, and a stronger focus on saving for future goals and meaningful experiences

Despite the rise of digital payments, cryptocurrencies, and the push for a digital euro, cash remains resilient in Europe. Recent data shows it continues to dominate in daily transactions and as a safe store of value across all generations

However, the ECB has expressed its opposition regarding legislative efforts by member states to restrict cash usage as a means of combating tax evasion.