Four out of ten Spanish companies claim that there will be no cash in 2030. The argument is based on the fact that the use of credit and debit cards is fully extended, as well as electronic payment applications through the mobile phone. , according to the Intrum European Payment Report. The results of this survey reaffirm the conclusions of the European Central Bank, which year after year reflects in its studies how payments made by means other than cash in the European Union are increased since only in 2018, 90.7 billion operations were reached.

However, in Spain there are differences between the opinions of companies in different autonomous communities. For example, seven out of ten companies based in Murcia say that money will never disappear in cash, something similar to what they think in Spanish and Leon companies (69%) or Galician (67%).

At a European level, Spain is five points below the average (48%), ranking as one of the six European countries that see further the implementation of a society without cash. Below are Latvia, where 43% of its companies believe that their country will not have physical money in 10 years, Czech Republic or Bulgaria (32%).

Risks of the disappearance of money

Although there are many companies that begin to glimpse optimistically a world without cash, there are also questions about it. According to the latest European Payment Report prepared by Intrum, in which almost 12,000 companies from all over Europe have participated, 40% of Spanish companies say that exposure to cyber attacks will increase if all payments are made online. An assessment 12 points below the European average, which stands at 52%.

At the regional level, Basque companies are the ones that feel the most insecure in a society without cash, since 72% believe that they will increase their exposure to cyber attacks. They are followed by Aragonese companies, where 63% make the same statement and Madrid, with 59%.

This perception contrasts with that of Murcia organizations, since only 23% believe that a society without cash will increase cyber attacks.

As for company costs, only 21% of Spanish organizations point out that a company without cash will cause an increase in expenses, compared to 35% who believe that these costs will decrease thanks to the elimination of cash. As at the national level, companies in the different Spanish autonomous communities also consider that the elimination of cash will reduce their costs. This is what six of the Aragonese companies and 47% of the Castilian and Leonese companies say, being the two most optimistic regions in relation to the costs derived from a world without cash.

On the other hand, only two out of ten Spanish companies think that the new payment methods will lead to a reduction in the number of customers. By autonomous communities, Basque and Galician companies exceed this average, standing at 38% and 31% respectively, while only 10% of Valencian companies consider that a company without cash will imply the loss of customers.

Source: ABC Spain