Automated teller machine: Goodbye to withdrawals at bank branches. It will not be possible to withdraw 1 euro. Here is the official date!

Goodbye cash? The world of criticism is by no means over: estimates speak of a Bypassing electronic money Compared to cash for the next ten years.

Given the estimations in favor of the use of electronic money, users will begin to forgo withdrawals at ATMs.

The government has been promoting the use of electronic money for years, eschewing the use of cash. The goal of Draghi Executive is to Fighting tax evasionto encourage the use of traceable payment tools such as cards, debit cards and bank transfers and to lower the threshold of funds that can be withdrawn/spent in cash.

Even the banks themselves, in order to rationalize costs, reduce the presence of bank branches on the national network. A typical case is ING, which decided to close all bank branches throughout the Italian territory.

Goodbye Cash: Welcome to the cashless company!

For years there has been talk of a final goodbye to money An increasingly cashless society. An acceleration in the use of electronic money occurred with the advent of the epidemic: banknotes and coins were considered means of transmission of the virus.

Starting from January 1, 2022, i New limits on the use of cash: From 2000 euros went to a thousand euros. Therefore, it is not yet possible to pay an amount exceeding nine hundred and ninety-nine euros and ninety-nine cents.

Nothing has changed for bank withdrawals and deposits since these are fund movements involving only one natural or legal person.

Will there be a moratorium on withdrawals?

Official history of Stop withdrawals at ATMs It has not yet been determined where there will be an increase in the use of online purchases and payments via electronic money in the coming years.

For small purchases, many consumers prefer paying with cash rather than using a credit or debit card.

The government itself is increasingly discouraging the use of cash with cash back from the state. In addition, the executive branch aims to provide Severe penalties for merchants and freelancerswhich do not equip themselves with points of sale and provide incentives for the use of electronic money.

Another incentive for traders and VAT number holders is Commission cuts and costs borne by those who accept payments by debit and credit cards. Given the acceleration in the use of electronic money and the policies implemented by the executive branch in recent years, bank withdrawals will be subject to a sharp downsizing.