News

Little Estonia still loves cash

January 25, 2019

Like many other European nations, little Estonia (population 1.3 million) has seen a marked decline in the number of ATMs nationwide since the global financial crisis struck approximately 10 years ago, due to both a drawdown in units by the nation's banks and a steady rise in card payments over the past decade.

source: central bank of Estonia

Despite this, according to a report by ERR News, cash access has actually improved for Estonians — and especially for Estonians in the country's rural  areas.

Currently, Estonia has 751 ATMs, compared with 942 in 2008, but has 456 points of sale at Coop stores, Olerex service stations and other locales where cash can be withdrawn, according to figures from Estonia's central bank.

It's also notable that, while card transactions are growing in popularity, and ATM withdrawals are becoming fewer, the withdrawals are increasing in value, from 60 euros ($68.41) in 2011 to 100 euros in 2018.

On average, Estonian cardholders withdraw 322 euros per month, the report said.