The Central Bank of Malta recently published an interesting survey setting out the payment habits of the Maltese population. You can download the survey by clicking here. The survey findings are thought provoking:
- Since 2018 the use of mobile banking increased marginally.
- Major increase in payment channels between 2013 and 2018 is the use of the debit card and online payment.
- Cash is used by over 90% of the population mainly because it is easy / fast to use.
- Oveer 90% of the population do not use mobile payment.
- Slightly less than 50% do not use a credit card.
- 45% use cheques primarily because it is easy / fast to use.
- 70% use a debit card because it is also easy / fast to use.
- The age group that uses cash most is the 25-34 year old.
- Across all age groups that the average number of cash held at any point in time is between €21 to €50.
- 35% do not often use the ATM – once or twice a month.
- Slightly over 30% use the ATM often – one or twice a week.
- 4% and 42.1% see the use of the ATM as very easy and easy respectively.
- 3% do not consider making use of a cashless payment system.
- 5% site main concern if cash was to be replaced by electronic payment as security.
- 90% of payment of groceries is cash and this amounts for 70% of the transaction value.
- 85% of payment of consumables is by cash and this amounts for 55% of the transaction value.
- 80% of payment of utility services is by cash and this amounts for 55% of the transaction value.
- 90% of payment of wellness services is by cash and this amounts for over 70% of the transaction value.
- 70% of non consumables is by cash, but this amounts for only 30% of the transaction value.