77% of Spaniards prefer cash as payment method
- The expenditure control, the safety in the transactions and the universality of its use are the main reasons for their choice.
- When travelling, cash is still one of the main payment methods, especially outside of the European Union.
Madrid, 23 October 2018.- Global Exchange, Spanish multinational specialist in offering currency exchange services at international airports, presents its first study on the use of cash in the Spanish society, and it finds that the cash remains as the first payment method among Spaniards, especially among young people, because it makes safety and expenditure control easier.
This study, developed through companies located across the country, has collected data of a sample of men and women between 18 and 75 years old.
In the words of Isidoro J. Alanís, President of Global Exchange: “It is a pleasure, and almost an obligation, for us to share some of the knowledge gained on the use of cash thanks to our experience of over 20 years working in the currency exchange sector. Nowadays, we are present in 21 countries, but we are still committed to continuing our expansion and international growth strategy, where we consider that the use of cash is more alive than ever.”
9 out of 10 carry cash in their pockets
77% of Spaniards prefer cash as payment method. In particular, young people between 18 and 24 years old with incomes of less than 12,000€ are the ones who use this payment method the most (88.4%).
The vast majority of cash payments, 84% of them, are inferior to 50€. In fact, the study shows that the lower the amounts are, the higher the frequency of use. The most consumed products through cash payment are those of stationery, pharmacy and para-pharmacy and food.
Almost all Spaniards, 92.2% of them, carry cash with them. The most usual amounts are 20 and 50€, being higher the number of women that carry small amounts. On the other hand, men are more likely to carry cash over 50€.
As for the reasons of use, there are 3 main reasons with which the respondents mainly agree: the freedom to use it anywhere (44.4%), better expenditure control (41.7%) and the speed and agility in the payments (35%).
When travelling: expenditure control
The main motive for using cash when travelling is expenditure control, being the younger people the most sensitive ones to this matter. The freedom to use it anywhere and the safety also have widespread support in the motives for using cash.
Travelling in the euro zone: cash for safety
When travelling around the euro zone, 4 out of 10 pay in cash, but more than 91% carry cash with them for this kind of travels. The most usual amount is up to 300€ (almost 65%).
Food, transportation and tourist activities are the things in which travellers around the euro zone spend more. The main reason for the payment in cash, 4 out of 10, is avoiding the purchasing commissions, followed by the safety and privacy linked to this payment method.
The further, the higher amount of cash
Outside of the euro zone keeps the strength of the cash payment with profile of higher age and higher revenue associated.
Almost 85% of the respondent will carry cash with them in higher amounts. 54% of the respondents would carry more than 300€ with them. The destination of the payments is similar to those of the intra euro category, with food, transportation and tourist activities as main destinations of the cash payment. Accommodation is the variable with less weight when paying this kind of trips.
Outside the euro zone, the fear of commissions when paying with credit card increases, being 7 out of 10 the ones that prefer to pay in cash in order to avoid them. The privacy and safety also increase the use of cash.
About Global Exchange
Global Exchange is a Spanish multinational and one of the top two worldwide specialised in the provision of currency exchange services at international airports. Founded in 1996 in Fuentes de Oñoro, a small town located in the border between the province of Salamanca (Spain) and Portugal, Global Exchange has a branch network of more than 310 branches in 57 international airports over the five continents. Present in Brazil, Colombia, Costa Rica, Denmark, Ecuador, Spain, Guatemala, Jamaica, Jordan, Morocco, Mexico, Nicaragua, Paraguay, Dominican Republic , Switzerland, Trinidad & Tobago, Uruguay, Russia, Australia, Hong Kong and Turkey, the company serves about 7 million Customers with over 2,500 employees, more than 400 of them working in Spain.
Tel. 923 28 13 18