Cash withdrawals boom in 2023
In 2023, Italians withdrew approximately 1 billion euros per day from ATMs, totaling 360 billion euros. This represents an increase of 10 billion euros compared to the previous year and 18 billion euros compared to 2021. These figures highlight the central role cash continues to play in Italians’ payment habits, despite the growing use of credit cards and digital payments.
Italy lags in digital payments
According to Unimpresa’s Research Center, Italy ranks among the European countries with the lowest use of non-cash payment methods, with an average of 200 transactions per capita annually. This figure is significantly lower than the euro area average of 370 transactions per citizen. Countries like France, Germany, and even Spain show much higher usage of digital payments compared to Italy.
Growth in circulating cards
Despite the preference for cash, the use of credit, debit, and prepaid cards is on the rise. In 2023, transactions with “plastic money” reached 426 billion euros, an 11.5% increase from 2022. The number of cards in circulation surpassed 120 million, a significant increase compared to the previous year.
Cash as a symbol of freedom
Giovanna Ferrara, president of Unimpresa, emphasizes that cash represents an instrument of individual freedom, allowing transactions without leaving digital traces and offering direct control over personal finances. Ferrara also criticizes the equation between cash and tax evasion, calling it unjust and stigmatizing.
Conclusion
The debate between cash and digital payments is set to continue. What do you think? Share your thoughts by commenting in the form below.
