Italians cling to cash despite a surge in card transactions
Although the number of card transactions in Italy is increasing, the residents of this country still prefer to pay with cash, more so than other citizens of eurozone countries. In Italy, there are still regions where you cannot buy anything without cash.
In Italy, there are cities and towns where you can pay by card or contactless in most shops, but there are also places where you can practically forget about using plastic.
This is not surprising, as Italians are still attached to cash. The country does not habitually pay by card for small expenses, such as coffee.
As a result, according to data presented by the National Business Union (Unimpresa), Italians withdraw about 850 million pounds daily from ATMs. Last year, Italians withdrew 306 billion pounds this way, 8.5 billion pounds more than in 2022 and 15 billion pounds more than in 2021.
"One should not impose giving up cash"
The pandemic did not eliminate the habit of using cash in Italy; on the contrary, attachment to it grew even more. Currently, among eurozone countries, Italy is in last place in terms of using payment methods other than cash. According to Giovanna Ferrara, head of the Business Union, giving up cash should not be imposed.
- The choice of payment method should be left to the citizens, respecting their preferences and needs - assessed the expert.
At the same time, the number of payment cards in Italy is increasing. There are over 120 million, 5 million more than in the previous year. The number of cards that parents give to their underage children so they can manage their pocket money has increased by more than 2 million.
The EU has introduced a new limit for cash payments
Recently, the European Parliament introduced a limit on cash payments to 10,000 euros (approximately 8,500 pounds) and mandatory customer verification for spending over 3,000 euros (approximately 2,500 pounds).
The adopted regulations are intended to prevent money laundering. After the EU's decision, there were many comments about possible surveillance. Some internet users are afraid of the new changes and believe that the EU's plans will lead to the elimination of cash.
