The digital payment landscape in Italy
In recent years, Italy has seen a significant increase in the adoption of digital payments. According to the Visa Annual Observatory, created in collaboration with Ipsos, the percentage of Italians who regularly use digital tools for transactions rose from 17% in 2021 to 44% in 2023. This change marks a significant evolution in the spending habits of Italians, who now consider digital payments as an integral part of their daily lives.
The growth of card payments
An interesting aspect of this transition is the growth in card payments. In 2023, card payments reached a value of 436 billion euros, an increase of 12% compared to the previous year. This figure is close to cash payments, which amount to 483 billion euros. The preference for digital payments is evident, with 52% of respondents using them as their primary method for transactions, making them at least 2-3 times
a week.
The profile of digital users
Another significant fact that emerged from the research is that 33% of users would be willing to give up a purchase if it were not possible to pay for it digitally. In addition, around 50% of those who use digital payments do so through smartphones and smartwatches. This shows not only an increasing familiarity with technology, but also an interest in personal financial management tools, such as the categorization of expenses and savings tips. However, not all Italians are ready to take the big step towards cashless. About 22% of respondents define themselves as a ‘hybrid payer’, combining digital payments and cash, while 26% still prefer the use
of cash.
The need for training on digital payments
Despite the enthusiasm for digital payments, the Visa Observatory has highlighted a gap in knowledge of the tools available. 42% of respondents expressed the need for more training on digital payments, and 81% acknowledged that they felt this need. Banks can play a crucial role in this process, offering training through their digital channels and branch staff. It’s critical that financial institutions commit to educating consumers, especially those who still rely primarily on cash payments
.
Initiatives for the future of digital payments
To accompany this transition to greater digitalization, it is essential to consider three key initiatives. First of all, banks must evolve their offering of products and services for ‘cashless first’. Second, the adoption of artificial intelligence can simplify the payment experience for ‘hybrid payers’. Finally, it is necessary to promote communication and financial education initiatives for ‘cash users’. Only through an integrated approach will it be possible to ensure that all Italians can benefit from the opportunities offered by digital payments
.