Cash continues to be Spain’s dominant payment method. Daily, physical cash is used by about 65% of the population, while cards follow with 32%. Mobile payments, though still a minority share, are growing and used by 10% of respondents, up from 7% in 2022. These figures come from the Bank of Spain’s 2023 survey on cash usage habits, published recently. The release shows only minor shifts in how traditional payment methods are employed overall.
Age and education remain decisive factors shaping payment choices. Looking at age, the 54 and older group spends most of its payments in cash on a daily basis, whereas the 25 to 44 age bracket leads in daily card use. The youngest cohort is the one most inclined to use mobile devices for payments. When considering education level, those with basic schooling tend to use cash most often daily; card usage is higher among individuals with middle to higher education, and mobile payments are more common among those with advanced education levels.
Convenience and preferences in payment methods
The primary reasons people choose cash are comfort, established habits, and easier expense tracking. For cards and mobile payments, speed and convenience are the main draws, making everyday transactions faster and simpler for many users.
In the near term, the Bank of Spain notes little expectation of a major shift in cash usage. About two out of three respondents anticipate their cash use in the coming year will stay roughly the same, though expectations vary by age. Forty percent of individuals under 35 predict a decrease in cash usage, while just 16% of those aged 64 or older expect to spend less in cash. These attitudes reflect both behavioural inertia and generational differences in payment familiarity.
The study highlights that cash continues to be accepted in nearly all small businesses and hospitality venues. In terms of card and mobile acceptance, 89% of establishments accept cards and 78% accept mobile payments, indicating broad readiness to transition to electronic methods where feasible. When it comes to cash access points, ATMs remain the principal source of cash for about three-quarters of the population. While ATMs feel a bit farther away than in 2022, about eight in ten Spaniards can access cash within one kilometre. Alternative access options, such as cash withdrawals from stores (cashback in-store) or the Correos Cash service, remain relatively little known among the public. Finally, knowledge about the digital euro remains limited, though awareness rose by 20% compared with 2022, reaching a modest share of the population. — Bank of Spain, 2023.