(Finance) – Il 52% of the Italian banked population would be willing to pay only by digital means hey59% associate cash with a greater environmental impact, followed by physical card payments (50%) and, to a lesser extent, by digital wallet payments, considered unsustainable by 41% of users. These are the evidences of 13th Report on Trends in Payment Means, presented by Minsait Paymentson the social and environmental impact of payment methods.
According to the study, as the age of users increases, the percentage of those who believe that cash is one of the means of payment with the greatest environmental impact decreases. In Europe, therefore, with the aging of the population, there are still reservations in abandoning cash which, for example, in Italy it is still the preferred means of payment by 37% of the population.
The elimination of paper systems, such as receipts and invoices, marked a turning point towards greener operations. Digital transactions not only simplify financial management, but also eliminate the need for paper, significantly contributing to reducing deforestation and natural resource consumption. Among the relevant data extracted from the report, the hegemony of the debit card stands out, which continues to be the most widely used means of payment in all the countries analysed, with shares above 90%, except in Italy, which occupies the penultimate place with 84%, followed only by Colombia (80%).
In addition to users’ preference for this payment instrument, the use of papers made from biodegradable or recycled materials has increased. This trend not only promotes the recycling and reuse of materials, but it also represents a valid alternative to traditional plastic cards, which can take hundreds of years to decompose. Furthermore, there has been an unstoppable advance of the virtual card which has surpassed the prepaid mode to extend to credit and, above all, debit cards. At an aggregate level, considering physical and virtual cards, Italy dominates worldwide with regards to the possession of prepaid cards: 64% of the population declares to have at least one.
The report of Minsait Payments also speaks to a notable shift in public perception the environmental impact of different payment methods. There has been a decline in perceived risk, which could impact consumers’ willingness to adopt more sustainable practices, although digital payments are still preferred due to their lower environmental impact.
Some measures that Italian users would adopt to this end are: the elimination of paper receipts (68%); the use of payment cards made with sustainable materials (64%); requesting information on CO2 emissions and the environmental impact of payments made (55%); making payments only with digital means (52%); and, finally, the elimination of cash in transactions (44%).