Push to Make Digital Payments Throughout the Country of Spain

 Throughout the country of Spain, there has recently been more of a push to make digital payments, as the amount of ATMs has reached the lowest point since 2002.  This is when Spain had over 1,795 more ATMs than it currently has.   A recent report made by the Bank of Spain has revealed that it had 48,081 ATMs near the end of the third quarter of 2021.    

In terms of this push for digitalization, the Spanish Socialist Party (PSOE) has suggested making a national digital currency.  This digital currency would take the place of paper cash.  According to the Spanish Socialist Party, new payment trends have caused “purely private and more insecure money,” whereas the proposal is devoted to “the recovery of money as a public good, more stable and under democratic control.”

The PSOE decided to take this action of promoting digital currency into consideration after observing the European Central Bank’s choice to make a digital euro.  The party has determined that a national digital currency would enable further liquidity within the banking system.  

This most recent push for digital payments has caused an increasing amount of people in the country of Spain to pay digitally.  The national survey for cash payments, for instance, which was carried throughout July 2021, discovered that just 35% of individuals who were surveyed utilized cash for payments.  This amount strongly contrasts the results in 2014, which is when 80% of Spain residents made cash payments.

Digital payments would overall cause the “privilege” of banks over money to come to a close, according to a proposal conducted by the PSOE, depicting digital currency as “a digital public money, intangible and perfectly usable to make electronic payments, but in this case backed by the state, making it a safe money.” 

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