Cash usage remains high in Spain despite digital growth

Despite the rise of digital payments, cash and cash-like methods remain significant in Spain. According to a Bank of Spain study, 57% of consumers still use cash as their primary payment method in physical establishments, with 55% using it daily. Usage varies significantly by age; cash is the preferred method for 79% of those over 65, while it drops to 32% for individuals under 25.

In the digital realm, “digital cash” through prepaid codes continues to serve a niche. Users purchase physical vouchers at kiosks or gas stations to pay for online services, such as video games or subscriptions, without sharing bank details. This method provides privacy and strict spending control.

In response to these trends, the Spanish platform CashFirst has launched a loyalty program designed to reward cash transactions. The tool allows small businesses like bars and local shops to offer points or advantages to customers who pay with physical banknotes, aiming to leverage the continued relevance of cash in the local economy.