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Spaniards believe that paying in cash is the safest method

Despite the fact that online and card payments are widely accepted in Spanish society, it is surprising that the majority of the population is committed to cash payment.

Privacy, security and its operation as a payment method in any emergency situation or system blockage, stand as reasons for the importance and permanence of cash, according to the “Survey on the need for permanence of cash”, commissioned by the Denaria Platform to GAD3.

According to the results of the analysis, for the vast majority of Spaniards, about 80% (78.4%), Cash is the payment method that best guarantees people’s privacy. Interference with privacy rights is a growing concern in today’s society and paying in cash offers consumers more privacy guarantees than electronic payment methods”, they remember from the Denaria Platform.

In fact, asked specifically about the risks associated with digital forms of payment, privacy is one of the issues that most worries the Spanish. More than 27 million Spaniards, -78%-, are concerned about exposing both their personal data and that the money in their accounts is known.

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In addition, 73.7% state that cash is the payment method with the lowest risk of fraud. On the contrary, card and digital payments are identified by 70.5% of those surveyed as having the highest risk of suffering cyberattacks. It should be remembered that in the last five years digital scams have increased by more than 250%.

Between 2016 and 2020, complaints for crimes related to cybercrime have gone from 92,716 to 287,963, that is, 210% and, specifically, fraud, within these crimes, has risen 267%, according to the VIII Report on Cybercrime prepared by the General Directorate of Coordination and Studies of the Secretary of State for Security.

The benefit of large technology companies is also worrying for 81.8% of those surveyed, just as the increase in commissions for the consumer is a risk linked to digital payments for 68.2% of Spaniards.

Finally, for about For 70% (69.9%) of the Spanish population, cash is the only payment method that always works, in case of any eventuality. “Cash is a safe value in situations of natural disasters, cyber attacks or any technological incident that blocks digital or electronic means of payment”, they point out from the association for the defense of cash, who recall that “secure payment alternatives must be ensured in these situations to guarantee the continuity of economic activity”.

Majority and transversal defense

Nine out of 10 Spaniards, more than 30 million people, defend the permanence of cash as a payment method and are opposed to its replacement by other forms of payment.

The defense of cash is also the majority among those who declare to be habitual users of card payments: 84% of them are against the disappearance of cash and only electronic payment methods exist.

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