Germans hold on to cash
Cash payment at number one – Smartphone overhauls giro card as payment method
The Germans are holding on to cash. Especially for small purchases it is the first choice for many customers. Germans still prefer to pay cash for small purchases in supermarkets with an average value of around 15 euros.
According to a Yougov survey, 80% of Germans frequently use cash. But also in Germany, payment is becoming “smarter”. According to the survey, the giro card seems to be experiencing a surprising downturn. The payment service provider Paypal has displaced the classic EC card from 2nd to 3rd place. The EC card is still frequently used by 41% of customers.
When paying at the checkout, the smartphone is increasing more and more, even if only one in four is of the opinion that mobile payment is secure.
When asked about the abolition of cash, it is clear that the majority of Germans, both young and old, are voting pro cash. 87.2% of adults in Germany are in favour of cash. Among those over 45, the figure is a proud 92%. And even in the group of 18 to 24-year-olds the value of the cash proponents is 81%.