Four out of ten bars and small businesses in Spain now accept Bizum transfers as payment

Although cash is still the most widely used means of paying, a third of people use credit and debit cards on a daily basis, while 23% of young people opt for mobile phone transactions

Rossel Aparicio

Malaga

Tuesday, 2 May 2023, 11:53

Four out of ten small businesses in Spain are accepting Bizum transfers as a form of payment, according to a new study. The tool to transfer money via a person's online banking account was so popular that 44% of small businesses had it as a payment option, although 36% actually used it, the Study on Cash Habits 2022 report, prepared by Ipsos for the Bank of Spain, showed.

The report analysed, in depth, the payment habits of people in Spain, with a focus on the use of cash.

It also revealed that three out of five people still carried cash on a daily basis, a third of users used a credit or debit card to pay, while almost one in ten now opted to use mobile devices. In the latter case, the percentage rose to 23% among 18-24 year olds.

Cash was the most widely used means of payment (64%), followed by cards (32%) and mobile devices (7%), although the use of each format varied according to the age, sex and level of education of the participants in the report.

Researchers conducted about 1,355 interviews with people aged 18 and over. They also looked at in depth 250 residents living in municipalities where a permanent bank branch was not available.

The 1,355 interviews also represented different sectors with 854 in commerce and 501 in hospitality. There were also 10 surveys with managers of large supermarkets.

The Bank of Spain found that 6 out of 10 people said they would carry an amount of cash in line with their daily expenses. Those aged over 64 kept the largest amount of cash in reserve for possible unforeseen events, while adults aged between 55 and 64 kept the most in cash as a savings system.

The population's awareness of the digital euro was deemed "low", although the willingness to use it was high as more than a third said they would be willing to do so.

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