Payment in cash, which is more popular in Germany than in other European countries, is gradually losing popularity among Germans, the Forsa Population Institute concluded from data from a recent survey.
The survey showed that 44% of Germans pay with a bank card and 30% use cash. But among the most popular payment methods, softphone or smartphone (13%) and smartwatch (4%) were added, reaching a representative percentage of the 1,732 adults surveyed.
Data collected between September and October this year shows that 23% of respondents use their smartphones or smartwatches frequently or at least occasionally to pay for goods or services in stores. In the survey conducted four years ago, this percentage was much lower and amounted to only six percent.
“Digital technologies are increasingly shaping the way we use money,” said Albrecht Kiel, head of the Central Europe region at credit card issuer Visa.
19% of respondents said they avoid businesses where you can only pay with cash, noting that this usually happens at small businesses (31%), weekly street markets (26%), and bakeries (20%).
According to consumers, the most important thing when going to the checkout to pay is that it be done quickly. This is what 67% of those surveyed indicated regarding several possible answers.
64% of those surveyed explained that they want to have a clear overview of their expenses. 41 percent said they achieve this control using bank cards, 38 percent said they manage their accounts better when paying with cash, and 9 percent said they did this by paying using a smartphone.
Germany is usually recognized in Europe for maintaining the habit of paying in cash. Using cash is more popular among German consumers than among citizens of 15 other European countries, according to a study by consulting firm Strategy& published in December last year in Munich.
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