Cash is still the king of payments in Spain

Bank of Spain analyses the relevance of cash as a means of payment, as well as the outlook for its use in the future. At present, cash continues to be the most common means of payment for purchases in physical shops in Spain and is still widely used in Spanish society. Looking ahead, consumers' expectations show signs of a moderate shift in their payment habits towards digital means of payment.

Main takeaways of the report:

• Cash continues to be the most common means of payment for purchases in physical shops in Spain: In 2023, 65% of the population had used cash on a daily basis (compared to 32% in the case of cards or 10% in the case of mobile apps), and for 60% it continues to be the main or most common means of payment for purchases in physical shops in Spain.
  
  
  • 7.8% of the population only uses cash to make purchases: they have no other means of payment. This percentage is much higher among the over-65s: 15.2%.
    
    
  • The ATM continues to be the main way of obtaining cash. In 2023, 74.5% of the population had used ATMs as the main source of cash, followed by the bank counter, the main means of access for 9.1% of citizens.
    
    
• Cash is still widely used in Spanish society. Its demand is conditioned by several factors: the availability of alternative means of payment (cards, direct debit bills, mobile applications, etc.), usage preferences, ease of access and degree of acceptance.
  
  
  • On average, citizens have around 2.6 alternative means of payment to cash, with differences by age bracket (25–34-year-olds have 3.3 alternative means of payment to cash, while those over 65 have only 1.7).
    
    
• Looking ahead, consumers' expectations show signs of a moderate shift in their payment habits towards digital means of payment.