Despite legends to the contrary, the youth they use more cash from aged people, ultimately showing preference for that payment method for making purchases. Cause; Many of them don’t even have Bank accountbecause cash what they have is either their parents’ pocket money or they are “blacks” that they earn from their – often – undeclared jobs.

Of course, despite the use of cash, their connection with technology and with the smartphone remains equally close, so they turn to digital wallets and, in general, to modern payment methods that are popular with them (for example, Revolut, electronic payment applications, etc.) .A.). On the contrary, the resistance of older people to the use of cards has recently been broken. As such, they seem to be more familiar with plastic money and end up choosing it as their first payment method.

Focus Bari Study titled “Payment methods preferred by Greeks” shows that 21% of young people aged 18-24 and 18% of young people aged 25-34 prefer cash/cash on delivery as a means of payment. while in the 55-64 age group this percentage drops to 16% and to 13% in the over 65 age group.

Many young people under the age of 24 do not have a bank account, as they spend their pocket money or “black” money from precarious work.

The pocket money that goes into their pocket and the fact that many are paid with “black money” can largely justify young people’s preference for this form of payment. Conversely, older people are now more likely to use debit card.

According to a survey conducted in May 2023, 32% of people aged 55-64 prefer to pay by card, and among people over 65 this figure rises to 38%. On the contrary, 18-24-year-olds refuse debit cards (11%) and even more credit cards (7%), however, taking advantage of digital wallets like Apple Pay, Google Pay, a debit card from a mobile phone, and solutions offered by traditional bank competitors such as Revolut. For example, the Revolut card, which “promises” free transactions, is preferred by 10% of 18-24 year olds, while those over 65 are less willing or unwilling to use such payment methods.

Meanwhile, in recent months, companies such as Space but also Viber they entered electronic payments and launched their own digital wallet in an attempt to “crowd out” more traditional payment methods. However, their penetration in the Greek market is still low as these are also new services. According to the survey, Greeks systematically prefer two different payment methods to make purchases, with 48% prefer a debit card and 40% prefer cash. Payment via e-banking is also quite common, with 30% of Greeks preferring it and 15% using digital wallets. 5% choose the Revolut card and 2% systematically prefer the Cosmote payzy app.

Although Greeks know almost half of the payment methods available on the market, they nevertheless end up using 1/3 of those available, with debit card and cash/cash on delivery high on the list. Of course, preferred payment methods vary depending on what one wants to pay. For example, paying bills via internet banking is fairly common for 44% of respondents, while 30% use it to pay for subscriptions to services. One in two uses plastic money to shop in supermarkets, and 44% pay by card for clothes, accessories, etc. Cash/cash on delivery is used in 60% of cases to purchase services, followed by a debit card (30%).