While debit and credit cards are in second place with daily usage rate of 32%, mobile devices also continue to increase and are used by 10% of respondents (compared to 7% in 2022).
Determining factors in choosing payment methods age and education level remain. While people over the age of 54 tend to rely more on cash in their daily lives, the 25-44 age group prefers to use cards.
The youngest are the ones leading the adoption of mobile devices for transacting. On the other hand, education level also affects this choice; Those with basic education prefer cash, those with secondary and higher education use cards more, and those with higher education prefer mobile devices.
The reasons behind these choices are various. Cash is chosen mainly for its convenience, established traditions in society, and the feeling of having more control over expenses. Cards and mobile devices are preferred due to the ease and speed of transactions.
The future of cash in Spain
Despite the growing popularity of digital options, they are not expected to materialize in the short term. Significant changes in cash usage. Two-thirds of survey respondents believe their use within a year will be similar to what it is today, although this perception varies depending on age. 39 percent of those under 35 expect to reduce their use of cashOnly 16% of people over 64 believe they would use less cash.
The report also states that cash It is still widely accepted in small businesses and the hospitality industry. Cards and mobile devices are accepted at 89% and 78% of these venues, respectively.
ATM regarding the accessibility of cash remains the main source of obtaining For the majority of citizens, 75% resort to this option. Although withdrawal points are perceived to be a little further away than in 2022, the majority of Spaniards (80 percent) can still access cash less than 1 kilometer away. Alternative channels to access cash, such as in-store withdrawal or the Correos Cash service, are not well known to the public.
Finally, Regarding the digital euro, The report shows that the population’s knowledge level is increasing, rising from 17% in 2022 to 20% in 2023, but this rate remains relatively low.
This Study on cash usage habits 2023 provides a valuable snapshot of Spaniards’ current relationship with cash and digital payment methods. Although there are signs of change, cash remains an integral part of daily life in Spain and is unlikely to diminish in the short term.