Background on the Relevance of the Topic
The acceptance of electronic transfers as a payment method by businesses from their clients is increasing, yet cash remains the preferred choice. QR code payments have not gained significant traction, according to recent data from the National Business Financing Survey (ENAFIN 2024).
Key Findings from ENAFIN 2024
Cash Dominance: Cash continued to be the most popular payment method in 2023, accounting for 80% of all transactions. This represents a slight increase from 79% in 2020.
Electronic Transfers Gain Ground: Electronic transfers are rapidly closing the gap, with 78% of transactions in 2023 compared to 72% three years prior, marking a growth of six percentage points.
Credit and Debit Cards: Credit and debit cards ranked third, with 54% of transactions in 2023, up from 45% in 2020. This indicates a nine-percentage point increase.
Checks and QR Codes Lag Behind: Checks saw a decline from 47% in 2020 to 38%, while QR code payments, such as CoDi, remained stagnant at only 7% of transactions in 2023, up slightly from 6% in 2020.
Grocery Stores Embrace Cards: The ENAFIN 2024 report highlights that most businesses, especially those in retail, now accept credit and debit cards as payment methods.
Commercial Sector Adoption: In 2023, 70% of commercial businesses accepted card payments, an increase from 64% in 2020 and 57% in 2017.
Service Sector Adoption: In the service sector, 57% of businesses accepted card payments in 2023, up from 46% in the previous year and 33% in 2017.
Preferred Payment Methods: Nearly half (45%) of businesses prefer electronic transfers, while a third opt for cash, particularly among microenterprises.
Key Questions and Answers
- What is the most popular payment method among consumers? Cash remains the preferred choice, accounting for 80% of transactions in 2023.
- How have electronic transfers fared in comparison to cash? Electronic transfers are rapidly gaining ground, with 78% of transactions in 2023 compared to 72% three years prior.
- Which payment methods have seen the most growth? Electronic transfers and credit/debit card usage have experienced significant growth.
- Why are QR code payments not widely adopted? Despite their potential, QR code payments like CoDi only account for 7% of transactions in 2023, with minimal growth since 2020.
- Which sectors are more likely to accept electronic payment methods? Retail businesses, especially those in the commercial sector, have embraced electronic payment methods like credit and debit cards.
