Payments, use of cash prevails among Italians: Bankitalia data

The study by economists from the Bank of Italy, published in the ninety-fifth issue of the series "Markets, infrastructures, payment systems" by Via Nazionale, explains how half of the sample (50.2%) adopts "traditional" behavior, characterized by the use of cash and cards at physical points of sale and by limited use of remote payment channels. 24% of consumers are cashless and 15% are well integrated into the digital economy. Then there is a minority of the population that mainly relies on cash (7%), while an even smaller percentage (4%) uses it exclusively in combination with prepaid cards. Even if habits remain linked to traditional tools, many Italians are gradually moving to other, more technological methods.

According to Bankitalia, five consumer profiles can be distinguished. The first are the so-called "cash lovers" who rely exclusively on cash. Then there are the "banking technology skeptics" who use cash and prepaid cards, showing partial access to financial services. “Traditionalists” combine cash and cards in everyday transactions, but show limited use of online or mobile payments. “Well-connected users” are fully integrated into the digital economy and actively use a wide range of payment instruments, including cash, cards and digital solutions. And finally, the completely cashless “digital-only users” who rely exclusively on digital tools. The socio-demographic characteristics of the users who fall into the different behavioral profiles are heterogeneous: for example, among those integrated into the digital ecosystem there are younger people, while among those oriented towards cash the elderly prevail. Policy initiatives in the field of payments should take into account this heterogeneity, the study states, including that relating to the digital Euro