Panama Bank Studies Reluctance Towards Digital Payments

The National Bank of Panama is conducting research to understand why people are reluctant to use digital payment methods and to find ways to overcome these barriers. Cash usage in Panama is decreasing, but many people still prefer it despite modern financial technologies. This represents savings for the bank, as cash is a very expensive payment method. This economically active population, particularly those over 45 years old, is somewhat reluctant to use digital payments. The bank expects cash usage to continue to decline this year. To validate this information, the National Bank plans to launch a major survey this year to determine which segments of the population, by gender and geographic region, still use cash. The information will be public and will provide a clearer picture of which population segments still require and use cash. "With the survey, we will identify where there is an opportunity for improvement," reiterated Martínez. The trend of decreasing cash usage has been observed for eight years, with the advent of digital media. The survey is scheduled to be delivered by the end of this year. The National Bank clarified that this does not mean that paper money and coins will disappear, but will become a complement.