Decrease the use of cash

With technological advancements and the adoption of electronic payments, Puerto Rico has witnessed the gradual change in payment preferences of consumers, who opt for methods such as credit cards, mobile payments, and electronic transfers leaving the use of cash behind.

This was assured by specialists consulted by EL VOCERO.

Factors such as the increased availability of smartphones and the expansion of digital platforms such as ATH Móvil, Apple Pay, and Zelle have facilitated the adoption of contactless payments on the island.

Specialists stated that the covid-19 pandemic also played a significant role in accelerating this change, as social distancing measures and fear of contagion incentivized consumers to avoid handling cash.

Internationally, according to data from FIS Global (a financial technology company), in the United States cash is expected to account for 5.6% of transactions in 2025, while in the Asia-Pacific region it is expected to be 7.7%. However, cash use is expected to remain high in the Middle East and Africa, at 31.3%, and in Latin America, at 23.6%.

Although there are no statistics for the local banking sector, Vilmarie Báez, director of Retail Channels at Oriental Bank, said that she has observed, over time, that the use of branches and ATMs to withdraw cash has been decreasing.

According to data provided by the executive, in the branch networks, for 2022 versus 2023 there was a decrease in withdrawals at ATMs of 11% and for 2023 versus 2024 they had a reduction of 8%.

Similarly, withdrawals at branches, check cashing, among other processes where cash mediates, also registered a decrease of 16% from 2022 to 2023 and 8% from 2023 to 2024.

Relevant data

In the United States, cash is expected to account for 5.6% of transactions by 2025, according to data from FIS Global, a financial technology company.

Báez added that the number of customers who are going to cash checks and take the cash without depositing it or transferring it to other accounts has decreased by 21% in 2023 and in 2024 by 12%.

"Everything that is 'money movement' in the bank, in the branch networks, represents 8% of all the bank's 'money movement' that previously all transactions were made in the branches, because it required a lot of cash exchange and that has already decreased significantly, to the point that the bank's monetary movement is 8%. the rest is in channels of other services and digital," he said.

But for Báez, the use of cash will continue by sectors that are not banked and cash their checks, pay their debts and support themselves with cash.

"For some segments it is still important to be able to have that maximum control of their income, and the best way to do so, as they perceive it, is with cash," he said.

El peso de la economía informal

La presidenta de la Asociación de Bancos, Zoimé Álvarez, anticipó que el dinero en efectivo no desaparecerá, ya que es la forma de pagar de uso mundial y es legal.

Añadió que debido al alto nivel de la economía informal en la Isla, el uso del efectivo se mantendrá.

“Al tener un alto porcentaje de economía informal en el País, puede haber un mayor uso. No tan solo el efectivo en billete, sino que Puerto Rico es una de las jurisdicciones que más utiliza monedas todavía”, subrayó Álvarez.

El director ejecutivo de la Liga de Cooperativas, Heriberto Martínez, quien concuerda, asegura que “siempre va a quedar una cantidad de efectivo, por cualquier transacción que sea en efectivo, porque en Puerto Rico la economía informal es bastante grande”.

Declaró que las cooperativas de ahorro y crédito han informado un aumento en transacciones virtuales, tarjetas de crédito y compras por Internet, mientras el uso del efectivo disminuye.

Año tras año hemos visto cómo ha ido disminuyendo el uso del efectivo y el uso de las sucursales y ATM’s para retirar efectivo.

Vilmarie Báez

directora de Retail Channels de Oriental Bank

“Eso lo que refleja es que el tema de los cambios tecnológicos está teniendo buena aceptación entre los puertorriqueños y con toda probabilidad, esta tendencia va a continuar”, sostuvo.

Asimismo, a juicio de Johnny Pérez, presidente del Banco Cooperativo (BanCoop), la implementación de carácter tecnológico para pagos, ha sido parte de lo que ha afectado el uso del efectivo.

“Hay que reconocer que ATH móvil, ha tenido un impacto en cuánto al efectivo que antes se utilizaba… La implementación de estos canales de pago digitales como tal es lo que ha tenido un efecto directo en reducir la utilización del efectivo. Sigue estando ahí, no estoy diciendo que no esté, pero ha habido una merma. Si miramos hacia atrás, unos seis a siete años y lo miramos ahora, la merma es como de 20%”, acotó Pérez.

Opciones seguras de pago digital

Los consumidores, en su búsqueda de opciones de pago rápidas, seguras y convenientes, han convertido Apple Pay en una alternativa popular, subrayó la directora de Mercadeo de Céntrico en Guayama, Vimarie Brenes.

“Si bien no contamos con datos específicos sobre su impacto en Céntrico, vemos que la digitalización de pagos sigue en aumento, alineándose con una tendencia general preferida por métodos sin contactos y mayor agilidad en las transacciones”, comentó Brenes.

La Asociación de Centros Comerciales Puertorriqueños (ACCP) sostuvo que Apple Pay se alinea con la necesidad transacciones globales sin contacto.

"The Association of Puerto Rican Shopping Centers recognizes the importance of adapting to this transformation to ensure a modern and competitive shopping experience internationally. The integration of universal payment platforms benefits both our local and foreign visitors and merchants, facilitating sales and strengthening Puerto Rico's position as an innovative and accessible commercial destination," he said in written statements.

The Executive Director of the Retail Trade Association, Lymaris Otero, agreed that cash sales represent between 20% and 25% of transactions, although this can vary by type of business.

"Of the rest, most are debit card transactions (ATH) with almost 60% and the rest other cards. This goes hand in hand with the evolution of commerce towards technological platforms and a consumer lifestyle that prefers electronic transactions to carrying cash, even for security," said Otero.

According to data from the World Bank, money production in the United States has undergone variations in recent years, reflecting the monetary policies and economic conditions prevailing in each period.

The money supply (a measure of money production) as a percentage of GDP in the United States has shown recent fluctuations. In 2021, this indicator stood at 89.5%, while in 2022 it fell slightly to 88.3%. For 2023, an increase was recorded, reaching 90.1%.