How much money circulates at physical bank counters? - BoA: Cash transactions increased by 3.3% in 2024
Despite the fact that electronic payments via cards and bank applications increased last year, it seems that transactions at physical bank counters have continued at the same pace. The latest data from the Bank of Albania shows that 3.3% more banking transactions were carried out via cash registers compared to 2023.
Around 3.6 million transactions were carried out by citizens alone at the cash register. Nearly 67% of these transactions were cash deposits, while 33% resulted in withdrawals. According to estimates, around 560 billion lek were deposited through the cash register alone, while 407 billion lek were withdrawn during the past year.
In terms of periodic transactions, official statistics show that 4.4 million credit transfers and 15.5 million debit transfers were made in 2024. Around 92 billion lek is estimated to be loan disbursements, i.e. the deposit of loan funds into the client's account, while 46 billion are deposit interest payments.
On the other hand, in the last quarter of the year, debit transfers have increased in number, but their amount has decreased. Specifically, credit card repayments amounted to 16 billion lek, while loan installment payments reached 62 billion lek.
A higher number of transactions carried out through the cash register means that citizens are continuing to carry out operations through physical bank counters rather than online through bank applications, or through ATMs. Carrying out various transfers in physical bank branches is associated with a higher cost for citizens.
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