Digital Payments: the advantages & how Sicily is placed to leave cash is convenient

Digital Payments: the advantages & how Sicily is placed to leave cash is convenient

 

Digital payments are electronic transfers of money using a PC or mobile device. Examples of digital payments include using credit or prepaid debit cards online, & mobile payment apps like Apple Pay or Google Wallet. Learn about Digital payments & advantages!

What are the cash alternatives and how they can help to combat fraud?

 

Cash seems to no longer be the main preference of Italians when it comes to payments. Although the latest legislation has raised the minimum threshold for accepting digital payments to 60 Euros, criticisms have already been levelled, especially from the EU, so the ceiling could be lowered again.

Let's see where the island is positioned concerning electronic payments, the advantages they offer, and why the abandonment of cash is being advocated in the Eurozone to combat fraud.

 

Sicily less and less linked to cash

Among the southern regions, Sicily is the one that appears to be least dependent on cash, together with Sardinia. In the southern Italian region, there is a clear preference for digital payment instruments such as prepaid or credit cards, even for purchases of ordinary utility.

 

Despite this, cash continues to lead by absolute preference and the growth of digital payments is still slow. For example, only 19% of Sicilians already pay digitally for the payment of utilities.

 

On a national level, on the other hand, a growing movement of digital payments of +22% was recorded in the first half of 2022, while the share of cash fell below 50%.

 

Abandoning cash is convenient: the alternatives

Payment cards, in general, are highly appreciated because they allow you to carry small or large amounts of money with you in complete safety and comfort avoiding space for fraud.

 

In addition to the traditional credit cards, still widely used (just think that in 2021 there were 15.2 million active ones in Italy) prepaid cards like Wise are also experiencing great success. These allow you to load the desired amount onto the card, without the possibility of credit, to minimize the risk of losing large sums of money in the event of fraud.

 

Digital Payment News: Particularly advantageous are those without a current account, because they have almost no management costs, and have an IBAN, thanks to which it is possible to receive credits and subscribe to subscriptions. There are different types of prepaid cards without an account, and online it is possible to consult rankings that help you choose the best one according to your needs.

 

But today it is also possible to connect your card to your Smartphone and pay directly from your device, a payment method that is becoming increasingly popular, especially among young people it helps to eliminate fraud.

 

Finally, payment processors such as PayPal, Amazon Pay, and Google Pay are widely used.

 

The importance of digital payments for the social order

In addition to the personal benefits that can derive from the habit of making digital payments, countless positive effects can be found both on the national and international economy, but also on society.

 

First of all, this method of payment would help reduce the rate of tax evasion eliminating fraud, thus increasing the traceability of payments. Furthermore, all those expenses relating to cash management costs would be reduced. On the social level, however, the risk of thefts and robberies, plus, fraud would decrease, as well as the loss of cash.