Cash remains the main means of payment in Spain 65% of the population uses physical facilities on a daily basisCards follow (32%), and in third place, but increasingly, are mobile devices, which are used by 10% of respondents (compared to 7% in 2022).
These are the main data from the 2023 survey on cash usage habits, published on Monday by the Bank of Spain. Few changes in the frequency of use of traditional payment methods.
age and education level They continue to be decisive in the use of payment methods.
Thus, when looked at in terms of age, the group that makes the most cash payments on a daily basis is those over the age of 54, while the group that uses the card the most every day is the 25-44 age group. , and the youngest are the ones who use mobile devices the most.
As for the level of work, Those who use cash the most daily are people with basic education.Cards are used more by middle and higher educated people, and mobile devices are used more by highly educated people.
Convenience of cash
The main reasons to use cash: comfort, customs and expense control.
Convenience and speed are the most common reasons for using cards and mobile devices.
In the short term, the Bank of Spain states: No major change in cash usage is expectedbecause two in three respondents think their use within a year will be similar to current use, although this perception varies by age.
39% of those under 35 believe cash use will decrease. However, only 16% of people over 64 think they would pay less in cash.
The study adds: Cash It continues to be accepted in “nearly all” small businesses and hospitality establishments, Of these, cards and mobile devices are accepted in 89% and 78% respectively.
When it comes to cash access points, ATMs are the main source of cash for three out of every four citizens. Although withdrawal points are perceived to be a little further away than in 2022, eight out of ten people in Spain can access cash within 1 kilometer.
As for alternative access channels, such as cash withdrawals from stores (“cashback” or “cash in store”) or the Correos Cash service, these are still little known to the public.
Finally, the level of knowledge of the population regarding the digital euro remains low, although it increased by 20% compared to 17% in 2022.