Online account and electronic payments on the rise: digitization is growing

Online account and electronic payments on the rise: digitization is growing

Since the beginning of the Covid-19 emergency, cash payments seem to have undergone a decisive decline in favor of online transactions. The race to digital during the lockdown has pushed many people to rely on an online account to avoid having to leave the house when not strictly necessary.

Since the start of the pandemic, the digitalization of payments has been accelerating – essentially out of fear of gatherings in shops and to reduce the number of contagion opportunities. The use of Internet banking platforms has contributed decisively, helping to reduce queues at the counters thanks to the possibility of receiving assistance via chat.

Despite the strong push of digital payments in recent years,the reluctance to give up cash is a cultural affair. Currently two out of three transactions take place using cash, which is representative of the fact that in many cases the prejudice against electronic payments exists.
However, according to a survey carried out by Nomisma, during the lockdown there was a 40% drop in cash transactions and a consequent increase in digital payments. The average receipt has dropped significantly, a sign that electronic tools are also used for small expenses, which can be tracked thanks to the online account.

The data collected confirm a trend already underway in 2019; the Digital Innovation Observatory of Milan’s Politecnico has in fact found an 11% increase in electronic payments in the last year. Covid, in this case, has done nothing but speed up an already ongoing process. The ability to shop securely through digital tools in a period like this is definitely an element to consider when deciding to open a checking account.

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