Cash Remains the Most Used Payment Method, Despite Daily Usage Decline
Madrid, Spain, November 22, 2024 – According to a recent report by the Bank of Spain, cash remains the most popular payment method in the country, despite a decline in its daily usage.
The report, titled “El efectivo sigue siendo el medio de pago más utilizado, aunque cae su uso diario” (“Cash Remains the Most Used Payment Method, Although Daily Usage Declines”), found that cash accounted for 65% of all payments made in Spain in 2023. This figure is down from 72% in 2019, indicating a gradual shift towards electronic payment methods.
However, the report also found that Spaniards continue to use cash for a wide range of transactions, including purchases at small businesses, payments between individuals, and withdrawals from ATMs. The daily use of cash has also remained relatively stable over the past few years, despite the rise of contactless payments and mobile wallets.
“Cash is still the most convenient and widely accepted form of payment for many Spaniards,” said Bank of Spain Governor Pablo Hernandez de Cos. “Although we are seeing a growing preference for electronic payments, cash is likely to remain an important part of the payment landscape for some time to come.”
The Bank of Spain’s report also provides insights into the changing payment habits of Spaniards. The report found that the use of contactless payments has increased significantly in recent years, with over half of all payments made at point-of-sale terminals now being made using this method. Mobile wallets and other mobile payment methods are also gaining in popularity, especially among younger consumers.
“The payment landscape in Spain is evolving rapidly,” said Hernandez de Cos. “We are seeing a growing diversity of payment options, and consumers are increasingly choosing the methods that best suit their individual needs and preferences.”
The Bank of Spain’s report comes amid a broader debate about the future of cash in Spain and other countries. Some experts believe that the use of cash will continue to decline as electronic payment methods become more convenient and widely accepted. Others argue that cash will remain an essential part of the payment system, especially for those who are unbanked or who prefer to maintain their privacy.
The Bank of Spain’s report does not make any specific predictions about the future of cash in Spain. However, it does provide valuable insights into the current payment landscape and the factors that are driving the changes that are taking place.
El efectivo sigue siendo el medio de pago más utilizado, aunque cae su uso diario
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
Bacno de España – News and events a new article on 2024-11-22 09:00 titled “El efectivo sigue siendo el medio de pago más utilizado, aunque cae su uso diario”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
144