Awareness of the digital euro among Irish retailers was lower than in any of eight other countries surveyed, with 44 per cent saying they had not heard of the digital euro. That compares with an average of 29 per cent across Europe.
A similar percentage said they were unsure about the potential benefits of a digital euro.
Irish consumers were even less aware of the digital euro or its potential benefits. Fifty-eight per cent believe it is a form of cryptocurrency.
The study conducted by Payments Europe, an industry group representing card-based payment solutions providers, said more than three-quarters of retailers said they preferred card payments over all other options, in line with merchant preference across Europe.
Cash remains their second preference for payment in advance of instant transfers and features such as buy now, pay later.
However, retailers say they expect cash payment will account for less of their turnover in coming years. The report says cash-generated turnover is expected to fall from 35 per cent now to just 24 per cent by the end of the decade.
Irish retailers are more likely to rate safety, security and consumer preference more highly than other countries in Europe, according to a new study.
Merchant transaction costs were not the most important variable when choosing between payment methods, according to the study. The cost of accepting digital payments was a priority for just 38 per cent of merchants, ranking it the same as consumer reach.
The study says the Irish payments landscape is evolving, with new payment methods becoming available all the time. While cash and cards remain the preferred payment options for business and consumers, 37 per cent of consumers said they had used instant payments in the last year, with 12 per cent availing of buy now, pay later options.
The survey talked to 250 Irish retailers in both physical stores and online. They were among 2,250 merchants surveyed across Austria, Greece, the Czech Republic, Denmark, Finland, Hungary, Latvia and Lithuania.
The study also spoke to 13,000 consumers including 1,000 in Ireland. Consumers in Germany, France, Poland and Sweden were included although merchants in those countries were not surveyed.
