Today, thanks to new technologies and the digital era, we are at a point where people often prefer to use digital tools that allow them to make collections, payments or money movements quickly, quickly and digitally, rather than using cash. In other words, today digital payments are replacing cash transactions.
Many countries have already been working for years to be able to establish the economy without using so much cash, that is, without using the coins and notes that we all know, since the use of cash is much less than the use of e-money by the population.
In Spain, for example, according to data from the Bank of Spain’s surveys, the population uses credit cards much more in their daily lives, although a large part of the population still prefers to use cash to make micro-payments (less than 50 euros).
Other data indicate that Spaniards carry an average of 35 euros in cash when they leave home, 15% of the population carry 50 euros or more and 33% of the population carry less than 20 euros and it is normally used to pay for or make small purchases.
On the other hand, the millenials are those who bet firmly on electronic money as they prefer to control their money movements through their mobile phone, in an easier and more instantaneous way.
The disappearance and the path towards a world without cash, is caused, in large part, by the rise of technologies and the fintech sector, in which new technologies and digital processes are being used to improve and facilitate activities within the financial sector. The aim of this digitalization is to make payments secure, agile, comfortable, effective and instantaneous.
In conclusion, we live in a digital world in which new technologies and new processes are appearing to facilitate our day-to-day activities. According to the data, the population is starting to use electronic money more and more, leaving aside cash, thanks to the comfort, ease and security it offers, but there is still a lot of time and many points to be dealt with in order to eliminate cash completely.