Cash Remains the Most Used Means of Payment, Despite a Decline in Daily Usage
Madrid, November 22, 2024 – The Bank of Spain has released data indicating that cash continues to be the most widely used means of payment in the country, even though its daily usage has decreased. The findings were based on a study conducted by the Bank of Spain, which examined the use of cash and other payment methods in Spain.
The study found that cash accounted for 46% of all payments made in 2023, a decrease from 52% in 2022. However, the total value of cash transactions increased by 1.5%, suggesting that while people are using cash less frequently, they are using it for larger transactions.
The study also found that the use of contactless payments increased significantly, with 32% of all payments being made using this method in 2023, compared to 24% in 2022. This increase is likely due to the growing popularity of mobile payment apps and the convenience of contactless terminals.
Other payment methods, such as credit and debit cards, also saw an increase in usage. Credit card payments accounted for 18% of all transactions in 2023, up from 16% in 2022. Debit card payments accounted for 4% of all transactions, up from 3% in 2022.
The Bank of Spain’s study suggests that while cash remains the most popular means of payment in Spain, its daily usage is declining in favor of more convenient and efficient payment methods such as contactless payments and mobile apps.
Implications for Businesses and Consumers
The findings of the Bank of Spain’s study have implications for businesses and consumers alike. Businesses should be aware that while cash remains the most widely used payment method, they need to offer a variety of payment options to meet the needs of their customers. This includes contactless payments, mobile payments, and traditional credit and debit card payments.
Consumers should be aware that while cash is still the most popular means of payment, it is becoming less convenient to use in some situations. For example, many businesses now require contactless payment for small purchases. Consumers may want to consider carrying less cash and using contactless or mobile payment methods more frequently.
Conclusion
The Bank of Spain’s study indicates that cash remains the most popular means of payment in Spain, but its daily usage is declining. Businesses and consumers should be aware of these trends and adjust their payment habits accordingly.
El efectivo sigue siendo el medio de pago más utilizado, aunque cae su uso diario
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