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No data is available that covers the exact volume of transactions conducted with cash money. In order to make a credible estimation, this calculation looked at the following indicators:

• Value of ATM cash withdrawals (either with cards issued by resident PSPs at any terminal, provided by either a resident or non-resident PSP, or with cards issued by non-resident PSPs at terminals provided by resident PSPs;
• Value of OTC or over-the-counter cash withdrawals;
• Value of card payments, issued by resident PSPs;
• Value of e-money payment transactions, issued by resident PSPs.

To summarize, this methodology tries to put cash withdrawals, either at an ATM or OTC, in the perspective of all payment transactions (withdrawals + card payment+ e-money transactions) within a country. Numbers on checks, ACH or instant payments have not been used.

Note that numbers on OTC withdrawals and e-money are not always readily available for all years. Multiple sources were consulted to get to these numbers. In the case of Luxembourg, no OTC numbers were available. E-money was available, but these are difficult to use in these calculations. This had two reasons: first, e-money for Luxembourg includes P2P transactions. Second, the ECB stated that "the transactions are counted according to the principle of the residence of the account. A large proportion of e-money account holders are not LU residents". For these reasons, e-money was omitted from 2014 onwards as the outcome would have been below four percent.

Number from before 2017 did not include OTC withdrawals.

The values used in the calculations for Luxembourg were in euros.