Even though card use is on the rise, German consumers still prefer cash, concludes the most recent study on payment behaviour within Germany. The study was presented for the first time at the Deutsche Bundesbank's Fourth Cash Symposium taking place today at the Hilton in Frankfurt am Main.
Some of the key takeaways from the study, titled 'Payment Behaviour in Germany 2017' include:
- Private individuals opt for cash for 48 percent of goods and services, and card for approximately 40 percent.
- Meanwhile, 88 percent of respondents confirmed that they would like to continue using cash in the future.
- On average, consumers carry approximately €107 in cash, of which just over €6 in coins.
All in all, cash remains king in cash-loving Germany where consumers continue to pay for their purchases at the till mainly with coins and banknotes.
"Across all payment behavior studies, people are very happy with the cash and card payments that are used most [...] Cash remains the most popular, but card payments are increasing,"
Excerpt from Deutsche Bundesbank study
Despite a high level of satisfaction with the existing range of payment methods, some of the respondents would like further changes: 38 percent of respondents state that it takes too long for credit transfers to be credited to the account.
"With the introduction of real-time payments in euros - also known as" Instant Payment "- credit institutions have been able to offer apps since November 2017 that make a transfer from smartphone to smartphone with immediate settlement possible," said Thiele.
The research comes from Marplan (a market research institute) that surveyed 2,000 consumers on their spending habits for a Bundesbank's study on payment behaviour. For more information on the method, click here.
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