If they are gradually being abandoned in favor of the bank card and its contactless payment, cash remains the preferred means of payment for consumers in terms of the number of payment transactions for everyday purchases. According to the Banque de France, banknotes and coins continue to represent more than half of transactions in the majority of countries in the Organization for Economic Co-operation and Development (OECD).
Beyond its transaction function, cash is also flowing well as a means of precautionary savings. “Holding cash responds more to a need for security, with economic agents choosing to keep money for precautionary purposes in order to protect themselves from future hazards, particularly in times of economic uncertainty or political unrest” , says the central bank.
On French territory, payment in cash is particularly supervised. As evidenced by the official site of the public service, coins and banknotes can be refused or prohibited in certain cases as follows:
If payment in cash can be refused in certain cases, it remains authorized in the majority of situations. Be careful though: this is not always to your advantage… In our slideshow below, discover 5 conditions where you would be better off giving up your coins and notes in favor of your bank card.