Cash-loving Italians: they withdraw 1 billion a day from ATMs

Italians still like to pay in cash and withdraw EUR 1 billion a day from ATMs. And although the use of credit or prepaid cards is growing, it remains well below the European average. Taking the photograph is the Unimpresa study centre, according to which 360 billion euros will be withdrawn from ATMs in 2023, 10 billion more than in 2022 and 18 billion more than in 2021.

The pandemic, therefore, does not seem to have completely wiped out the use of cash, quite the contrary. Our country - according to the study - is confirmed last in the Eurozone for the use of payment instruments other than cash: with just 200 average transactions per capita carried out with credit cards, transfers and cheques, Italy proves to be very fond of paper money. The Eurozone average for non-cash payments - it is explained - is 370 transactions per citizen, with Spain recording 290, Germany 329 and France 424. Even better are the Netherlands (670) and other northern countries such as Finland (598) and Estonia (488).

In detail, in Italy, virtual money and digital payments last year amounted to 11 trillion euros in transactions between bank transfers (covering 94% of this sector), bank and bank drafts, and credit or debit cards. Plastic money is used more than in the past: €426 billion of transactions in 2023 compared to €382 billion in 2022, i.e. €44 billion more in one year (+11.5%). And circulation is also up significantly: there are over 120 million cards in circulation, including credit cards (21 million), debit cards (67 million) and prepaid cards (33 million). Here too we are faced with growth, more than 5 million more between 2022 and 2023 (+4.5%): in particular, there are 300 thousand more credit cards (+1.4%), 2.7 million more debit cards (+4.2%) and prepaid cards, which parents are increasingly giving to their underage children to manage their weekly pocket money, have grown by 2.1 million (+7.1%).

"Digital payments," explains Unimpresa President Giovanna Ferrara, "offer undoubted advantages in terms of convenience and security. They allow quick transactions, often traceable, reducing the risk of theft or loss of money. However, it is crucial that the adoption of these instruments takes place voluntarily and consciously, without a forced abandonment of cash. The choice of how to pay should be left to individuals, respecting their preferences and needs'.