Non-cash payments have increased in volume throughout the years as the payments landscape continues to evolve. The trend, however, has yet to fully take over Germany as cash remains the most favoured means of payment for German consumers.
A recent study on “Costs of Cash Payments” released this month by the Deutsche Bundesbank together with EHI Retail Institute [study in German only], reveals how consumers continue to prefer cash despite having the option of paying by credit/debit/gift cards. Among its key findings were:
It is clear that cash is not settling for less and is making its statement amidst the cashless trend. In fact, last year’s World Cash Report found that cash, by far, remains the most widely used form of payment in many regions around the world. That being said, it is no surprise it remains the champion as it rightfully secures its place in society being “the fastest and most cost-effective means of payment”, says Johannes Beermann, Bundesbank Executive Board member responsible for Cash Management.
Despite the continuous roll-out of contactless and digitized forms of payments, it looks like cash is not giving up its title anytime soon and will continue to be first at the finish line.