GRTU and Mastercard join forces to identify barriers and promote the benefits of electronic payments in Malta

A new survey commissioned by Mastercard, in partnership with GRTU, reveals that Maltese consumers rely heavily on cash as a means of payment, primarily for their every day expenses and for almost 40% of their total expenditure. Merchants’ responses revealed that 30% of merchants do not accept card payments. The study first looked into the landscape of payment acceptance in Malta but also into the payment habits of Maltese consumers.

57% of Maltese citizens recognise debit cards as a convenient substitute for cash and they use them for 23% of their purchases. Credit cards payments account for 16% and are mostly (56%) used for transactions abroad. In Malta, 15% of total consumer respondents do not own a debit card and 37% do not own a credit card and the majority of those are unlikely to acquire a card in the future. However, one in three of debit card owners and one in four of credit card owners expect to use it more frequently in the near future which demonstrate that consumers integrate electronic payments as part of their everyday life and value the benefits such as a simple, fast and convenient shopping experience.

The trend of moving from cash to cashless is also present on the retailer side. According to the survey, 71% of merchant respondents accept card payments and the majority believe that accepting card payments “attracts more customers” and “simplifies their operations”. Those merchants who don’t accept cards mention the cost associated with POS as a barrier. However, 53% of them consider integrating new payment solutions in the near future.

“The survey we commissioned in cooperation with GRTU confirms Maltese consumers are still relying heavily on cash. At the same time consumers are looking for easy, seamless and safe buying experiences. We, at Mastercard, have a vision of a World Beyond Cash, a vision of Malta Beyond Cash. Leveraging our future forward technology and our cutting edge security we work with governments and merchants to close the acceptance gaps, enhance the consumer experience, increase the efficiencies, combat grey/black economy and deliver seamless payment experiences, increased merchant sales and governmental revenues,” said Aspa Palimeri, Country manager, Greece, Cyprus and Malta.

GRTU president Paul Abela said that this survey confirmed GRTU’s position on the importance of electronic payments and on the importance of removing barriers such as operational costs related to the POS machines. GRTU aims to continue its efforts in bringing down barriers and increase the use of electronic payments in Malta.