A study conducted by the Central Bank of Malta has shown that consumers are increasingly using their bank cards to make low value purchases, with transactions hitting €1.2 billion in 2020.
The yearly value average dropped from €58 in 2016 to €51 in 2016, proving that customers are going for smaller-value purchases with their cards. Card popularity gained further traction, with card transaction value increasing by 28% from 2016 to 2020. Volume of online transactions also increased by 6.5% between 2019 and 2020, with value dropping by 7%.
The Central Bank of Malta states that these trends reflect the drop in private consumption as a result of the COVID-19 pandemic, which also highlighted that online payments are also seeing an increase in use for low value transactions.
Do you prefer using cash or card?