What’s new when it comes to the abolition of cash payments in Austria?

Austrian Finance Minister announced that Austria will not accept the abolition of cash, in addition to the latest announcements by the EU Commission to ban cash payments over 10,000 EUR. He stated that for many Austrian citizens, cash is still the most important and preferred means of payment and that during the crisis many of them valued the security of cash.

According to the Austrian National Bank, the share of cash transactions in Austria makes up 79% and is thus above the average euro area, which is around 73%.