Spanish consumers remain faithful to the payment in cash, although it is limited to purchases of less than 50 euros, especially related to day-to-day expenses (such as having a coffee outside the home). Specifically, 87% of Spaniards carry out cash transactions, according to data from the European Central Bank (ECB), a figure that goes up to 91% according to a report from the Sounding Channel.
The Spanish, according to the ECB, have an average of 50 euros in the portfolio, less than the Germans (103), but more than the Portuguese (29) and French (32) neighbors.
80 million credit and debit cards
However, both in Spain and in the rest of Europe, credit and debit cards go to more. In Spain there are almost 80 million, 10 more than 5 years ago. In the first quarter of this year 2019, the Spaniards made 1,015 million payments with credit cards, according to the Bank of Spain, which represented 15.27% more than in the first three months of 2018.
Another trend is that consumers increasingly use ‘plastic’ to pay lower amounts. It may have influenced it that the number of ATMs has fallen to 50,336 at the end of 2018, far from the 62,000 in 2008.
In contrast, the dataphone go up and set a record at the end of 2018: 1.86 million compared to 1.55 million before the economic crisis.
According to the Aproser Observatory, the professional association that groups the main private security companies, 95% of Spanish consumers use credit or debit cards, but 91% continue to use cash or cash. 77% make payments online, 37% make bank transfers and 2% pay with checks.
According to the study, the reasons for using credit cards are comfort (55%), security (40%) and speed (39%). Those who make online payments indicate as main reasons security (64%) and speed (53%), while those who pay with cash point to security (41%) and, eye, greater control of spending (38 %).
Payments in bars and cafes
Regarding those who pay with cash, they usually do it in bars and cafes (84%) and in small or neighborhood stores (76%). The percentage falls to 38% in payments in supermarkets (where the use of credit cards is imposed), restaurants (26%), discos (20%), shopping centers (15%) and gas stations (13%) . The use of cash is almost marginal in hotels (2%).
As explained Eduardo Cobas, general secretary of Aproser, “the Spanish use a lot of cash as a means of payment, 91%. And 96% defend their freedom to use it.” “Above all it is used in day-to-day spending, in neighborhood stores, in coffee shops … The credit card is usually for purchases of more than 50 euros,” he emphasizes. And it is mainly used for three reasons: for security, “48% consider it important”; for having “greater control of spending”; and for “preserving privacy and privacy” against “control of banks or Google.”
Payments of less than 50 euros
The majority of cash payments (84%) in Spain are less than 50 euros and at a lower amount, more frequent use, according to a Global Exchange study. 99.2% of Spaniards carry cash (between 20 and 50 euros). For 44.2% of consumers, cash is the most common means of payment compared to 40.5% that places debit and credit cards.