P19 on cash limits: Cash remains important for payment transactions and inclusion

From 2027, a limit of €10,000 will apply to all cash payments in the 27 EU member states. The payment platform P19 welcomes the new regulation to protect consumers and emphasises the importance of cash for the diversity of payment transactions in Austria.

  

Vienna, 6 June 2024 – Cash plays a key role in Austria's payment transactions. From 1 July 2027, the recently agreed cash limit of €10,000 will apply within the European Union. The measure aims to combat money laundering and terrorist financing and introduces additional security measures for payment transactions. The measures affect banks, casinos and luxury goods retailers, for example, which will have to check their customers above certain amounts and report them if necessary. Private individuals who, for example, enter or leave the EU with more than €10,000 in cash in their luggage or wish to deposit more than €10,000 in cash into a current account are also affected.

For the P19 payment platform, which brings together numerous experts from the field of payment transactions, the new regulation is a positive innovation that will increase security in payment transactions for all parties involved. However, it is important to note that cash is essential for payment transactions in Austria: 66% of all point-of-sale (POS) transactions in this country are carried out with cash. Birgit Kraft Kinz, co-founder of the P19 payment platform and CEO of KRAFTKINZ Powergroup GmbH, says: ‘The cash limit is an important step towards creating security. Payment transactions in Austria are diverse, and cash is an important part of that.’ Alongside debit cards, e-wallets and other methods, cash will continue to be important for Austria's economy.

Cash: An important part of payments
Despite critical voices that see the new regulation as a step towards the abolition of cash, P19 emphasises the advantages of increased security and transparency. Financial inclusion and increased security must go hand in hand, says Kraft-Kinz: "The digital transformation and new regulatory requirements must not, of course, result in certain people being excluded. We are convinced that a diverse mix of payment methods can ensure diversity in payment transactions."

 
Payment of the future: P19 Payment Festival on 26 November
The next P19 Payment Festival will also highlight other developments, topics and trends that will shape and change the payment sector in the future. The flagship event of the payment scene, which will take place on 26 November at the Sofiensäle in Vienna, will feature numerous keynotes, panels and fishbowl discussions with international experts.

 
 

Header photo: © pixabay/moerschy
 

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About P19:

P19 is the European platform for more than 1,200 payment pioneers. The payment pioneers are a rapidly growing network working together to raise awareness of the hot topic of payments in Europe and internationally in order to promote collaboration. P19 stands for exchange and innovation for a sustainable European payment industry.
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For inquiries:
Birgit Koch
p19@kraftkinz.com
+43 (0) 664 111 58 68
Gloriettegasse 13
1130 Vienna