Agency Report –
The Bundesbank survey on payment behaviour found that 69% of respondents consider it important to be able to use cash when making purchases, with only 9% saying they did not consider this to be an issue.
Despite some disadvantages, such as enabling undeclared work, tax evasion and robberies, the Bundesbank believes it has a responsibility to promote cash as a payment method.
However, contrary to the prevailing view among the population, a future with cash cannot be taken for granted, according to calculations by the Bundesbank.
The bank sees a risk of a self-reinforcing negative trend in cash usage, where lower demand could lead to a reduction in expensive cash dispensers, and retailers could be inclined to stop accepting cash for cost reasons.
The importance of cash payments in Germany is declining rapidly. While consumers still made around three-quarters of their everyday payments in cash in 2017, this figure had fallen to just under 50% by 2023.
In terms of turnover, cash now accounts for only 26% of private payments, according to regular surveys conducted by the Bundesbank.
More than 5,000 people took part in the latest survey in autumn 2023, which suggests that Germans are increasingly using credit and debit cards as well as mobile pay options.
Some 48% of those surveyed expect cash to disappear from everyday life within 15 years. Only 39% assume that it will still be used in the same way as today.
