The farewell to cash accelerates times. From July XNUMXst the ceiling for cash payments will drop from 3.000 to 2.000, while a tax credit equal to 30% of the expenses related to the use of the Pos. Both measures have a double purpose: on the one hand to combat tax evasion, on the other to encourage the use of electronic payments. This time, unlike what usually happens, the (involuntary) timing of the new legislation seems more spot on than ever. Because in addition to the health emergency and an unprecedented economic crisis, the Coronavirus pandemic has pushed Italy towards an acceleration of development but above all of the use of new technologies. And digital payments have seen a leap forward during the lockdown period.
The research certifies it “Paying digital, living digital: evolution of Italian lifestyle before and after Covid-19” created by Mastercard in collaboration with AstraRicerche. One of the main consequences of the pandemic and social distancing - which has probed the habits of Italians: from video conferencing apps to comparison shopping apps, from skip-the-line tools to online personal shoppers - has been greater attention to digital. A place of honor among the technologies most used by Italians in times of Covid undoubtedly belongs to digital payments that have seen a leap forward compared to the traditional use of cash. Compared to the past, in the months of crisis, one out of two Italians used digital payments more compared to cash. A figure that concerns not only consumers, but also merchants (56% say they have used more digital than cash). A transformation that the study describes as "epochal" in a country where the spread of cash has always been very high, as well as distrust of digital technology. Not by chance the Community cashless society observatory created by The European House – Ambrosetti places Italy in 32nd place among the 35 worst economies in the world for dependence on cash.
According to the Mastercard study however, the time may be ripe for a trend reversal: 69,9% of the almost 1.200 respondents, all between 18 and 65 years old, said they used traditional payment cards (credit and debit) very frequently, while 60,9% used contactless cards in the last week. Even more important are the answers about the near future: one out of four Italians declares that they want to abandon banknotes and coins forever. But that's not all: for 75,9% the traditional payment card could become the most used means, a sign that the changes caused by the pandemic could be much more lasting than initially thought.
“What emerges from this new Mastercard research represents an important confirmation for Italy with respect to the propensity of Italians to use digital payments. During the Covid-19 emergency, our compatriots turned to digital to make purchases, in some cases discovering their potential for the first time. The relevant data is that this trend, consumers and merchants declare, will continue in the future”, said Michele Centemero, Country Manager Italy of Mastercard.
But why this new attraction towards digital payments? For 70% of those interviewed, they optimize times, while for over 81% they protect personal hygiene and health much more than the cash that passes from hand to hand.
The research underlines how there are various types of digital payments, many of which are still little known. In fact, the almost capillary diffusion of the cards is flanked banking apps (used by 29,5% of Italians), smartphone payments (20%) and wearable devices. There is therefore still a long way to go to achieve less dependence on cash, but the growing importance acquired by technological tools during the emergency could lend a hand.
