The use of the credit card is becoming more generalized among Spanish consumers when making payments compared to the use of cash, according to the first edition of the Cofidis Observatory of the Domestic Economy.
One of the habits that has gained strength as a result of the pandemic has been the use of The credit card versus cash. Its comfort and reduction of physical contact with other people is reinforcing the use of cards as other types of payments also evolve, such as through the mobile phone.
According to the data of the 1st edition of the Cofidis Observatory of the Domestic Economy, This growing use of credit cards was a trend that was already observed in recent years and that, with the arrival of the pandemic, has experienced a notable boost.
Although payment in cash is still the majority payment method, more and more consumers are opting for card payments. In fact, according to Cofidis, it is in matters related to leisure that users choose to pay with cash. Thus, 53% of the Spaniards surveyed for this study state that they make their payments in cash, while 51% indicate that they prefer to pay in cash for issues related to daytime entertainment.
However, more and more people are making use of the credit card to pay for activities and leisure-related topics. Specifically, this is pointed out by 45% of those who use it for daytime leisure payments and 43% for nightlife.
The credit card gains followers
Where clearly the use of the credit card is the predominant form of payment is in the purchases of products related to fashion, both clothes and shoes and other accessories. This is pointed out by 76% of consumers, although the study highlights 52% make these purchases using credit cards, while 24% use credit cards.
But these are not the only sectors in which credit card payment has seen great growth. In terms of food and transport, more and more Spanish consumers are opting for card payments. After the leisure, are the second and third areas in which the credit card is the preferred form of payment. Thus, 72% of Spaniards make card purchases related to food, and 68% do so in transport.
And the number of people who pay for purchases related to their hobbies, such as books, music or the gym, with a credit card continues to grow. In all these areas it is clear that cash payment more and more is being replaced by cards. This is highlighted by the director of Digital Business and Marketing of Cofidis, Anna Golsa, for whom “This change in trend has been accelerated by the pandemic and also by a more native buyer profile with innovations”.
Likewise, the person in charge highlights the advances that are being made from banks and financial entities to guarantee the security of these card payments that caused so much suspicion years ago and that have now reinforced their security. “We must not forget the technological effort from banks and financial institutions to guarantee security in this payment method and increase consumer confidence in it. Since, looking back, we are not far from the times when cards generated mistrust among their users “, concludes.