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Digital payments are growing in Italy: overcoming cash is in sight

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Digital payments are growing in Italy: overcoming cash is in sight

The trend of digital payments is growing which, in the first six months of 2022, are worth 182 billion and, strengthened by an increase equal to a plus 22 percent, aim to reach 400 billion at the end of the year, with an increase that is hypothesized between 15 and 20 percent.

These are some of the trends highlighted during the six-monthly edition of the Innovative Payments Observatory of the School of Management of the Politecnico di Milano, presented on the occasion of the webinar “Digital payments in Italy in the first six months of 2022”.

To fuel the recovery in consumption and digital payments, which barring sudden slowdowns, could reach a value that fluctuates between 390 and 405 billion – coming to represent over 40 percent of the total spent by Italians, while the share of cash is falling below 50% – the State Cashback effect which had unfolded its effects in 2021.

«The shutdown of the Cashback, however, did not have strong repercussions on the growth of digital payments, which is in line with the post-pandemic trajectory – is the comment of Valeria Portale, director of the Innovative Payments Observatory -. The number of transactions is also growing, but to a lesser extent than the transaction, reaching the number of 3.8 billion (+ 19% compared to mid-2021). This is because the first half of 2021 had seen an important growth in low-value transactions thanks to Cashback: the current average receipt, equal to € 47.5, is in fact lower than that of June 2021 (€ 46.4), but still definitely less than the € 52 average of the first half of 2020 (when the Cashback measures had not yet come into effect) ».

Growth also with regard to the transaction of prepaid cards (with a plus 19 percent) and debit cards with a plus 24 percent and a plus 21 percent of credit cards. Cash withdrawals with cards from ATMs are on the rise, albeit to a lesser extent, for a total of 85 billion euros (+ 14%).

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