Increasing digital payments have decreased the number of ATMs to 2002 level in Spain

Increasing digital payments have decreased the number of ATMs to 2002 level in Spain, reveals a report from the Bank of Spain. The country had the highest number of ATMs in 2008 when there were 61,714 registered machines.

The world is changing at a fast pace and some counties are leading this change. Spain has been trying to reduce the amount of money that can be paid in cash. The country has approved a law, antifraud law, which has regulated some issues related to crypto space and passed controls for cash payments depending on the type of transaction. Law established that only €1,000 can be paid via cash and exceeding the limit might get sanctions of 25% of the payment.

Increasing digital payments are decreasing cash payments in Spain:

The increasing digital payments have decreased the number of ATMs to the 2002 level, according to the Bank of Spain. In the third quarter of 2021, the country had 48k ATMs machines. Increasing digital payments are showing real impact and the country is going towards complete digitalization. It was 2008 when the country had the highest number of machines. This decreasing number of machines had increased the number of transactions compared to the previous year.

Increasing digital payments

A survey shows that only 35% of Spanish use cash for their daily usage. These numbers are much better from a survey was done in 2014, which showed that 80% of people are using cash for payment purposes. While cash usage has gone down, Spain still uses more cash for payments than countries like Sweden, where less than 10% of the population uses physical paper and coins to pay.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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