2023/Q1 Article 01. The use of cash and other means of payment: how is the way we pay changing?

Series: Economic Bulletin.

Author: Laura Ferrando and Diana Posada.

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2023/Q1 Article 01. The use of cash and other means of payment: how is the way we pay changing? (864 KB)

Abstract

Rationale

Digitalisation has made significant headway in recent years, particularly following the outbreak of the COVID-19 pandemic. Against this background, it is important to analyse how consumers’ payment habits are changing at the physical point of sale, online and person-to-person.

Takeaways

• In 2022, cash is the most commonly used payment method in Spain at the physical point of sale and in person-to-person transactions, but has declined compared with 2019.
• The decrease in the use of cash is primarily driven by two factors. First, the growth in online purchases, which limits the opportunity to pay in cash and, second, a shift in consumers’ payment habits, with an increase in the use of digital payment methods in their purchases.