Albanians, no longer "loyal" to physical cash - BoA: Cash transactions fell by 4.2%. Card payments, on the rise
Albanians have always been loyal to physical money, with cash payments dominating over card payments for years. However, the first half of this year has witnessed a downward trend in cash payments in the economy. Figures show that in the first half of the year, more card payments were made at POS terminals, fewer transactions at physical bank counters, and a greater number of home banking transactions.
According to data from the Bank of Albania, the number of transactions carried out at the cash register dropped to 3.5 million during the first half of the year, a decrease of 4.2% compared to January-June 2024. Nearly 68% of these transactions are cash deposits, while 32% are cash withdrawals.
According to estimates, around 792 billion lek were deposited through the cash register alone, while 429 billion lek were withdrawn from businesses in the January-June period.
As for periodic transactions, the statistics of the Bank of Albania show that in the first half of the year, 1.9 million credit transfers and 17 million debit transfers were carried out. Around 148 billion lek is estimated to be loan disbursements, i.e. the deposit of loan funds into the business account, while 407 billion are deposit interest payments.
On the other hand, debit transfers have increased in number, but decreased in transaction amount. Credit card repayments result in 32 billion lek, while loan installment payments in 70 billion lek.
By 2030, the government aims to completely reduce the use of physical cash and have transactions carried out through digital forms. Although the ratio of cash use to cards and other forms of online payments is still very high, this data shows that we are on the right track towards reducing cash payments.
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