Intrum study indicates that the pandemic is the reason for the significant increase (+ 200%) compared to 2019
Consumers across Europe have changed their payment behavior in recent years and many prefer to pay for goods and services using digital means, so to mitigate the risk of falling demand due to the Covid-19 pandemic, companies have tried to facilitate the payment process so that the customer pays what he owes.
According to the European Payment Report 2020 (EPR), an Intrum study, almost half (48%) of respondents in Portugal believe that the country will not use physical money within 5 years. A very sharp increase in relation to 2019 (16%), but following Europe, where the percentage went from 23% in 2019, to 57% in 2020.
“A cashless society presupposes a national economy in which digital means for carrying out transactions (credit cards, MB Way, PayPal, etc…) replace the use of coins and physical notes. New technologies, such as credit and collection software, can increase efficiency in the debt collection process and build stronger relationships with customers ”says Luís Salvaterra, Director-General of Intrum Portugal.
When asked about the impacts of a cashless society, the Intrum study reveals that Portuguese respondents consider exposure to cyber attacks to be the greatest risk for companies (62%), 5 percentage points above the European average. The amount of information available on transactions and its costs are other areas highlighted by Portuguese managers and in line with their European counterparts.
The conclusions of the Intrum study are in line with information recently released by a Portuguese company, based in Viseu, dedicated to the sale of electricity, which will now allow the payment of electricity bills with “bitcoins” for the purpose access the niche market for cryptocurrency enthusiasts.