Although nowadays financial institutions offer more and more modern solutions thanks to which we can pay in a fast and comfortable way, cash is still very popular among Poles. Our country is one of the European leaders in terms of payments with physical money. What is the reason? Read!
PLN 215 billion in the form of banknotes and coins circulates in the circulation of the Polish economy!
We can use an increasing number of modern financial solutions
Many Poles still make payments in cash. According to the data collected by Dennis Grata, an amount of PLN 215 billion is circulating in the circulation of the Polish economy, which consists of banknotes and coins only. Such a huge amount gives as much as 10 percent. GDP!
Currently, Poles are among the European leaders in terms of cash payments, only Greeks and Hungarians are ahead of us. Interestingly, until recently before our country were m.in. Italy, the Czech Republic and Slovakia. Everything indicates that soon we can become a society that will be most willing to use physical money throughout Europe.
Why do Poles prefer to pay in cash?
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What is the reason for the growing popularity of cash in our country? Why are so many of us reluctant to pay by card or using modern financial solutions, i.e. mobile applications? The answer to these questions is not clear, because this phenomenon is due to several factors.
The most important reason why Poles willingly pay with banknotes and coins is that banks impose too high interest rates and potential clients do not want to lose their money on servicing an account or payment card. Other factors that affect the popularity of cash are: the growing earnings of Poles, greater stability on the labor market and social transfers.
An important factor that causes more interest in payments with physical banknotes and coins is also the fact that most Poles began to save and accumulate more and more money. This is confirmed by the data collected by the Central Statistical Office and the Rose Bank.