Thursday February 25, 2021

Use of cash by OP customers plummets in 2020

Published : 20 Jan 2021, 03:31

Updated : 20 Jan 2021, 10:00

  DF Report

DF File Photo.

The customers of OP reduced their cash transactions through all channels in the coronavirus year of 2020.

The amount of cash withdrawn by customers from ATMs was about EUR 800 million lower last year than that in the previous year, said OP in a press release on Tuesday.

The use of cash is also expected to continue to fall this year.

In the light of the amounts of cash withdrawn and deposited by OP customers last year, cash transactions in all channels decreased by more than 20 per cent year on year.

In 2016, OP customers withdrew EUR 4.7 billion in cash from ATMs, compared with slightly less than EUR three billion last year.

Cash withdrawals have been on the wane every year. The trend is also expected to continue this year.

“Customers have noticed that there are good alternatives to cash in every situation. Avoiding contacts and using online stores became a daily routine in the coronavirus year and customers increased card and contactless payments. They no longer felt that cash was the best possible payment method. This accelerated the change that had already been in progress for years,” said OP’s Director of Daily Financing Masa Peura.

In addition, cash transactions at branches have decreased considerably. The amount of cash withdrawn from branches last year was one-third less than that in the previous year.

“Places where cash is still needed are becoming rare. Many people already know how to transfer small sums to their friends and family through Pivo or Siirto. In the coronavirus year, many people also learned how to order food from online stores. When people become accustomed to new methods, they no longer want to return to using cash,” added Peura.