Bratislava, November 29, 2018. On one hand it is a number one country that effectively uses it resources, modern technologies in cities, sports and industry. On the other hand, it can also ignore them. It is Italy. State where people still prefer cash payments rather than innovative payment cards. For example, while in Slovakia cashless payments make more than 40% from all payments made, in Italy it is only 14%.
Contactless payments in Italy are considered a „specialty “. While Slovaks has become familiar with contactless payments very quickly and are considering them an innovation of the decade, Italians are the exact opposite. There are two main things standing against the innovation. The first one is speed. In Italy, contactless payments take longer than cash payments. “The main problem I see is the lack of information within public and merchants about the payment methods available. Many do not even know that the POS terminals can accept contactless payments,”Geronimo Emili explained on the second year of the CASHLESS DAY PROJECT.He is one of the most influential people in the area of cashless payments in Italy and also a founder of the first Italian association for ePayment culture, to represent the Italian industry in institutional and media tables called CashlessWay. He accepted the invitation of Slovak Bank Card Association and came to Bratislava.
More than 40% of all payments made in Slovakia are made without cash. This number should grow steadily. “Engagement of new technologies in the non-cash world as well as the change of the mindsets of people in Slovakia will insure the growth of the cashless payments. Nowadays Slovaks pay even smaller purchases without cash. The average amount of purchase paid with a card fell from 37 EUR in 2008 to 25 EUR nowadays,”says Rastislav Vallo, chairman of the Bank Card Association.
CASHLESS DAY event organized by a Bank Card Association for the second time also addressed whether the future of the cashless society depends on the generational change. Experts say: not really. Young people indeed are often the main users of digital technologies and technologies are also more natural for them to use, however the mindset of the country is more important in this case. On the contrary Geronimo Emili has discovered a more positive relationship to new technologies and contactless payments at the earlier born Italians. “ They want to be up to date and also stay in touch with their families and technological progress. Many young Italians often do not want to use their payment cards, “says Geronimo Emili. Rastislav Vallo adds that in this case it is more about the spirit and a financial literacy rather than age. The Nordic countries are at the forefront of a shared ambition to become cashless societies. Although there is a long way to get ahead. According to experts we are on a good way progressing fast. “We belong to the most dynamic countries where the number of non-cash transactions is constantly growing. According to our calculations, we would have to make up to 560 million transactions this year, while last year it was 480 million, and in 2016 “only” 420 million transactions, “concluded Rastislav Vallo.
About the CASHLESS DAY PROJECT
CASHLESS DAY is a unique project undertaken by a Bank Card Association. Ministry of finance of the Slovak Republic, card companies MasterCard and Visa and also a technological giant Samsung and HN conference (Conferences of the Economy newspapers) are partners of the project. The Deputy Prime Minister’s Office for Investments and Informatization of the Slovak Republic Richard Ráši has also supported the project. The vision of the CASHLESS DAY PROJECT is to move Slovakia closer to the world payment trends including cashless payments, mobile and safer online transactions. Find more here: www.denbezhotovosti.sk.
About the Bank Card Association
Bank Card Association was established in January 19, 1994 and it has a long lasting history. It has been on the Slovak market for more than 23 years and It is the only platform that educates people on the subject of payment cards. It also connects banks and non-bank entities with a common goal of cashless payments development. ZBK has stable 20 members – 11 bank and 11 non-bank entities. Please find more information here: www.zbk.sk.
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