Statistics show gap between Romanians’ card ownership and usage

24 June 2019

A total of 86% of Romanians have a bank card but only 67% use it for current payments, according to data presented by retailer Lidl in the project “100 Romanians,” Adevarul reported.

This places Romania on the last spots in the European Union, where an average of 90% own and use bank cards constantly. Bulgaria surpasses Romania, with 72% of the population using cards for current payments.

In Romania, most card owners withdraw all the money available on the card on the day they receive their salary and only a small part prefer to make payments using this instrument. The way people receive their salary contributes to this situation. Approximately 25% of public-sector employees, especially those in rural areas, receive their salary in cash.

Specialists say financial education programs are needed to inform the population on the use of banking instruments and thus reduce the gap to other countries. Studies show that only 1 in 5 adults understand basic financial products, placing Romania on the last spot in Europe, with a financial education rate of 22%.

Card payments at local retailers reached some RON 37.5 billion (EUR 8 billion) in the first half of 2018, up by a third compared to the same period of 2017, according to aggregated data provided by Romania’s National Bank (BNR). Cash withdrawals from ATMs reached over RON 92 billion (almost EUR 20 million) over the same period, up 14.4% over the same period of 2017.

(Photo: Pixabay)

editor@romania-insider.com

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Statistics show gap between Romanians’ card ownership and usage

24 June 2019

A total of 86% of Romanians have a bank card but only 67% use it for current payments, according to data presented by retailer Lidl in the project “100 Romanians,” Adevarul reported.

This places Romania on the last spots in the European Union, where an average of 90% own and use bank cards constantly. Bulgaria surpasses Romania, with 72% of the population using cards for current payments.

In Romania, most card owners withdraw all the money available on the card on the day they receive their salary and only a small part prefer to make payments using this instrument. The way people receive their salary contributes to this situation. Approximately 25% of public-sector employees, especially those in rural areas, receive their salary in cash.

Specialists say financial education programs are needed to inform the population on the use of banking instruments and thus reduce the gap to other countries. Studies show that only 1 in 5 adults understand basic financial products, placing Romania on the last spot in Europe, with a financial education rate of 22%.

Card payments at local retailers reached some RON 37.5 billion (EUR 8 billion) in the first half of 2018, up by a third compared to the same period of 2017, according to aggregated data provided by Romania’s National Bank (BNR). Cash withdrawals from ATMs reached over RON 92 billion (almost EUR 20 million) over the same period, up 14.4% over the same period of 2017.

(Photo: Pixabay)

editor@romania-insider.com

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