Italy: young people prefer cashless payments

An eToro survey that lasted two months revealed that young people in Italy prefer cashless payments in particular because they consider them more hygienic.

The research, carried out using the Cawi method on 2,000 people, revealed that Italians are generally quite supportive of electronic payments, although their habits in this regard are hard to die, as 65% say they have not changed their approach because of the new restrictions on the use of cash.

In fact, in Italy since 1 July 2020 there is a new ceiling of 2,000 euros on the use of cash for payments, but this does not seem to have influenced the behaviour of Italians.

Moreover, the country has long been at the bottom of the OECD and EU rankings for the use of electronic money, with only 29% of payments taking place electronically, 90% of which with traditional cards.

However, the coronavirus pandemic has accelerated the abandonment of the use of physical money, and has mainly convinced the new generations to rely more on electronic payments.

Italy towards cashless payments? The eToro survey
70% of respondents said they would be in favour of phasing out cash in the future, while 35% replied that they would only be willing to do so using electronic payment methods that guarantee privacy.

However, 60% of respondents said that they would use electronic payments Bitcoin Formula more to avoid handling cash, which is seen by many as a potential means of contagion.

The only way to change this is to analyse the responses of young people between 18 and 20 years of age, according to which the main reason for using electronic payments is that they are more hygienic than banknotes and coins.

On the other hand, among those between 35 and 60 years of age, the progressive abandonment of cash will only be possible thanks to discounts, advantages, competitions and incentive programmes.

In total, the majority of the interviewees (56%) believe that these could be the main reasons why the use of electronic payment instruments should be more widespread.

Therefore, it could be health protection that will convince Italians to change their habits in the future, increasing the use of electronic money, especially when the now young population will become the majority.

As far as investments are concerned, prudence and inertia also prevails, with 55% declaring that they have not changed their habits in this regard, although 26% declare at least that they have begun to study ways to invest, or to protect themselves in the event of a new crisis.An eToro survey that lasted two months revealed that young people in Italy prefer cashless payments in particular because they consider them more hygienic.

The research, carried out using the Cawi method on 2,000 people, revealed that Italians are generally quite supportive of electronic payments, although their habits in this regard are hard to die, as 65% say they have not changed their approach because of the new restrictions on the use of cash.

In fact, in Italy since 1 July 2020 there is a new ceiling of 2,000 euros on the use of cash for payments, but this does not seem to have influenced the behaviour of Italians.

Moreover, the country has long been at the bottom of the OECD and EU rankings for the use of electronic money, with only 29% of payments taking place electronically, 90% of which with traditional cards.

However, the coronavirus pandemic has accelerated the abandonment of the use of physical money, and has mainly convinced the new generations to rely more on electronic payments.

Italy towards cashless payments? The eToro survey
70% of respondents said they would be in favour of phasing out cash in the future, while 35% replied that they would only be willing to do so using electronic payment methods that guarantee privacy.

However, 60% of respondents said that they would use electronic payments more to avoid handling cash, which is seen by many as a potential means of contagion.

The only way to change this is to analyse the responses of young people between 18 and 20 years of age, according to which the main reason for using electronic payments is that they are more hygienic than banknotes and coins.

On the other hand, among those between 35 and 60 years of age, the progressive abandonment of cash will only be possible thanks to discounts, advantages, competitions and incentive programmes.

In total, the majority of the interviewees (56%) believe that these could be the main reasons why the use of electronic payment instruments should be more widespread.

Therefore, it could be health protection that will convince Italians to change their habits in the future, increasing the use of electronic money, especially when the now young population will become the majority.

As far as investments are concerned, prudence and inertia also prevails, with 55% declaring that they have not changed their habits in this regard, although 26% declare at least that they have begun to study ways to invest, or to protect themselves in the event of a new crisis.