March 2, 2022

The rise of e-commerce and a cashless society

Although most purchases in the European Union still take place offline in physical stores and are paid for primarily in cash, online shopping and cashless electronic payments are dramatically rising. In the EU, a large majority of people, especially those under the age of 45, shop online at least some of the time. Online and in physical stores, the use of cashless payments, particularly e-wallets, is increasingly common. However, this new digital economy also faces significant challenges, including problems related to cybercrime, privacy and pollution. Still, the convenience and efficiency of these methods, along with their popularity among young people and EU support for the digital economy, mean that their usage will continue to grow.

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