One-fifth of Latvia’s residents believe using credit and debit cards to perform purchases helps save money. Only 10.7% are confident that using cash helps the economy, according to information from Ferratum Bank.
The survey performed by the bank shows that 37% of Latvia’s residents are confident that their expenses do not chance regardless of the payment method they use. 39.2% of respondents prefer electronic transactions. Only 8.5% say they only use cash for purchases. 31% of respondents use both electronic and cash transactions in their daily transactions. 20.6% of respondents said they only use cash when there is no other option. Only 0.3% of respondents say they do not use cash at all.
When asked about the main reasons why they prefer electronic transactions over cash, 44.3% of respondents said they find electronic transactions more convenient. 13% of respondents pick electronic transactions because they find this system more convenient for their everyday expenses. 8.3% said cash is not needed in the 21st century any more.
Results of the survey show that 46.7% of Latvia’s residents most often use payment cards for electronic transactions. 12% use credit cards. 38.4% of respondents say they perform electronic transactions over the internet. Only 0.7% use payment systems such as PayPal.
When asked about the number of payment cards they own, 60.4% of residents said they have only one. 32.4% said they have two. Only 2.2% of respondents said they have three or more.