Use of cash drops 25% due to coronavirus: OP

The coronavirus pandemic which broke out in Finland in March last year has transformed how people handle money, with customers moving from paper to digital means of payment, said OP in a press release on Wednesday.

Cash withdrawals by OP customers from ATMs, bank branches, and shop tills have fallen by 25 per cent, in euros, since March last year.

The number of customer logins to OP-mobile grew by 23 per cent over the same period. There were almost 40 million logins to OP-mobile in March 2021, whereas the 20 million threshold was crossed in November 2018.

“Due to the coronavirus, customers have rapidly moved to digital channels to avoid physical contact. We foresee the move to digital services continuing, even as the pandemic recedes and the vaccination programme progresses,” said Masa Peura, in charge of services related to daily finances at OP Financial Group.

in particular, use of cash has declined among the youngest and the oldest customers .

A survey by OP Financial Group found that as many as 56 per cent of the respondents reduced or ended their use of cash in the last year. Such a response was given by 62 per cent of the oldest group of respondents (aged 65-74) and even 68 per cent of the youngest (aged 16-24).

“Cash is unlikely to disappear altogether, but its everyday importance to customers will diminish. A wide range of mobile payment methods is available and I would encourage everyone to explore them. There is an easy and secure online, card, or mobile payment method out there for everyone,” added Peura.

Almost every fifth Finn (18 per cent) said they have learned a new way of paying for items in shops and online during the year.