Revolut, the famous financial app with over 650,000 customers in Italy and 18 million worldwide, has published an indication of the trend in spending behaviour for 2022 in Italy. The data is based on analysis of the year which has just ended and confirms an acceleration towards digital payments.
Spending trends in Italy according to Revolut
According to Revolut‘s analysis, the continued presence of the global pandemic seems to have seen a strong increase in digital payments in Italy, with the average amount spent rising from €1110 per person in 2019 to €2337 in 2021 (+111%).
In practice, card transactions and spending during 2019 averaged 41 per person, in 2020 (the year of the pandemic) it rose to 61 per person (+68%) to end in 2021 with 71 per person (+73% compared to 2019).
In this regard, Elena Lavezzi, General Manager Italy and Southern Europe at Revolut commented:
“We are seeing an acceleration towards digital payments, made sometimes necessary today by the new rules dictated by the pandemic. At the same time, we are also seeing that some previously unavoidable habits, such as online purchases in certain situations, have taken hold and continue to be chosen despite the fact that physical or more analogue alternatives have become available again. This confirms that when the user is satisfied with the experience, they do not abandon it and that Italians are very open to technological innovations”.
Obviously, due to restrictions, online shopping has definitely increased during 2020. However, in this just-concluded 2021, when it was possible to go out more, online shopping was 36% of the total, slightly lower than 2020 but far higher than 2019. This suggests that online shopping is also following a consolidation trend for 2022.
Growing contactless payments in shops and passion for crypto
Other data provided by the financial app also confirm the growth of contactless transactions in Italy. Before the pandemic, contactless payments accounted for an average of 70% of the total in presence.
By 2020, the share had already increased by 8 points to 78%, before reaching 80% in 2021.
Another important indicator is the passion for the crypto sector that seems to have grown in Italy. On Revolut, customers who bought cryptocurrencies in 2021 increased by 239% compared to 2020.
Specifically, Bitcoin is the most popular cryptocurrency among Italians with an increase in investments of +236% compared to 2020. Next up is Ethereum with +691% and Ripple with +210%.
Reducing fees for crypto transactions
Last November, Revolut announced a reduction in crypto transaction fees of -33% for Italian users.
The new commissions applied vary according to the different Revolut plans: from 0.99% for Metal customers, to 1.99% or €0.99 for Standard and Plus customers. In general, the financial app’s crypto functionality allows customers to invest from as little as €1.
The decision to lower commissions on crypto transactions was a response by Revolut to the strong demand, and therefore interest, from Italians.