January 15, 2013 – According to a new study conducted by the Deutsche Bundesbank, Germany’s National Bank, cash is the first payment choice in Germany. 53 percent of all payments for services and goods are done in cash as the research reveals. The payment behaviour of 2,000 interviewees in 2011 was monitored and analysed in this study which was presented on October 17, 2012 pointing out that the eurocheque card (Girocard) is the most popular way of settling debts of all non-cash options, being applied in 28 per cent of all payments while only 7 per cent were paid with credit card.
Compared with a previous 2008 study cash remains the most used way of payment but is loosing ground in relation to non-cash. Four years ago 58 per cent paid in cash, 25.5 per cent with the Girocard. This development is expected to persist, although in the end consumers will choose what fits best their needs. Indeed, most consumers decide only in the moment of paying how to settle up. The first argument is how much money they carry with them. And they tend to carry less cash money around today than once. On average 103 euros keeps every German in his pockets, fifteen euros less than four years ago. The second point is how much they have to pay. Higher sums are preferably paid cashlessly rather than with coins and notes.
Anyway, 4 out of 10 Germans do not even think about the question of how to pay, they stick imperturbably to their common behaviour: 28 per cent pay always in cash, 12 per cent do never.
Although electronic payment via internet is being more often operated than in the last years due to the growing importance of e-commerce, this kind of payment amounts only to 1.7 per cent of all payment transactions. The age, of course, influences the choice of how to pay very much as well. With growing age people prefer cash payment, particularly those aged 65+.
You can find the complete study in German here.