There is also a lack of contactless payment options in various areas such as local transport, parking ticket machines, small restaurants, street markets, etc. Another survey participant noted that for cashless payment, “everyone would need a corresponding device, even at flea markets.”
The fear of hidden fees when paying with an EC or credit card could also be a reason why cash payments are so popular in Germany. According to an analysis by biallo.de, every second institution charges fees for cashless payments up to a maximum of 0.70 euros. A basic accounts or online accounts.
When it comes to cashless payments, Germany is far behind its neighbouring countries. In the Netherlands, canada telegram data debit cards are the most popular payment method at 53% and in France at 56%. In Italy, credit cards come in first place at 30%.
Cashless payment increases in the crisis
Despite the preference for cash, the use of cashless payment methods is increasing in Germany due to the crisis. In a recent study by the Initiative Deutsche Zahlungssysteme eV, 41% of all respondents stated that they now pay more often with their Girocard than before the outbreak of the corona pandemic. If you include credit cards, 57% are currently increasingly relying on card payments.
We asked about the reasons for choosing a cashless payment method. These are the most frequently mentioned:
For security reasons : There is no need to carry cash around that can be stolen (46%).
2. Time saving : 46% want to save time and not have to withdraw cash.
3. Spending management : Purchases made with cashless payments can how to speak formal french? be easier to track and manage This mainly affects than payments made with cash (41%).
4. Health reasons : 39% avoid using cash to minimize the risk of infection.
5. Brand loyalty : 19% use cashless payments (e.g. with store/loyalty cards or lob directory apps of certain brands) to receive rewards from brands they like.
Are we moving towards a cashless society?
A world without cash? For states, the advantages of a cashless society are obvious. Illegal transactions can be uncovered and tax fraud and money laundering reduced.