Report from the Bank of Spain: The majority of Spaniards do not want the digital euro, 65% would not use it
A recent report issued by the Bank of Spain that questions how Spaniards use money for payments revealed the low level of trust they have in a hypothetical digital euro. 65% of citizens surveyed stated that they would not use the digital euro because they feel comfortable with the payment options currently available.
The Bank of Spain report highlights the preference for cash
A recent report from the Bank of Spain revealed the low preference that a future digital euro, the digital currency proposed by the European central bank (CBDC), would have over other payment alternatives. The report, which studies the evolution of the use of money by Spaniards, collected a representative sample of 1,606 citizens from the general population and 1,616 linked to small businesses and hotel services.
Cash continues to be the most used form of payment by Spaniards, according to the report, since 65% of the Spanish population uses cash daily. Credit and debit cards follow, while payment apps and electronic payments are marginally used but growing compared to last year’s report.
The report shows that even with the limit of 1,000 euros established for cash payments in the anti-fraud law approved in 2021 and the reduction of ATMs, Spaniards continue to use cash as one of their main payment methods.
Digital Euro Statistics
The digital euro is still relatively unknown to Spaniards: only 20% of the general population has heard of its possible issuance.
In addition to the low level of knowledge of this new digital payment method, the majority of users surveyed did not like the idea of using a hypothetical digital euro. 65% of the users consulted stated that they would not use the digital euro because they feel comfortable with the payment methods currently available.
Only 20% would complement their current payment methods using the digital euro. However, preference for the digital euro decreases as age increases, as younger users are more open to adding it to their payment methods.
For surveyed citizens between 18 and 24 years old, the proportion of users open to this new payment technology rises to 34%, while for users over 65 years of age it drops to 7%.
The European Union (EU) has not yet decided on the issuance of the digital euro, but the project has recently entered its preparation phase, which will serve to “finalize the set of rules for the digital euro and select providers that can develop a platform and infrastructure.” for the digital euro.”