2023-12-11 23:06:21
The question about the disappearance of cash in Spain has gained relevance and the Bank of Spain’s ‘Study on habits in the use of cash 2023’ provides interesting data. According to the study, Spaniards carry an average of 43 euros in banknotes and 6 euros in coins, revealing a coexistence between the traditional and the modern. However, a significant generation gap is observed: 74% of those over 65 prefer cash, while 47% of millennials opt for cards.
The frequency of daily use of cash increases with age, with only 8% of young people between 18 and 24 years old making daily cash purchases, compared to 77% of those over 54 years old. Recent Redsys service outages have highlighted the importance of cash, as it serves as a valuable alternative in electronic outage situations.
Despite the rise of electronic payment methods, cash continues to be the most used means in physical establishments in Spain, followed by cards and mobile devices. The difficulties in withdrawing cash in some places, along with the perception of security and privacy, are aspects that citizens consider when choosing the means of payment.
Although the digital euro has been talked about as the future, its awareness is relatively low, around 20%. Compared to other European countries, Spain shows resistance to going cashless, as does Germany, where more than 50% of transactions are carried out in cash. Nordic countries such as Sweden, Norway and Denmark are leading the transition to digital currencies, while others, such as Canada, China and South Korea, are also joining the trend of reducing the use of cash.
In Spain, uncertainty persists about the future of cash and while some experts predict its disappearance, others consider that it will coexist with digital methods for a long time.
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