In a 15-country comparison in Europe, cash is the most popular means of payment for more than half of Germans. Denmark ranked at the lower end of the scale.
According to a study by the management consultancy Strategy&, cash remains much more popular with German consumers than with consumers in the rest of Europe. According to the 15-country comparison published in Munich, cash is the most popular means of payment for 54 percent of consumers in Germany. On average across the 15 nations, only 37 percent said so.
Denmark was at the lower end of the scale – only 17 percent prefer to pay in cash there. Strategy& is part of the international auditing company PwC, the company surveyed a total of 5750 people in 15 countries in September and October.
In comparison with its neighbors in Austria and Switzerland, the preference for cash is therefore most pronounced in Germany: in Austria, 47 percent prefer cash payment, in the Confederation only a little more than a third (35 percent). However, cash payments are also gradually losing importance in Germany: In a previous survey in 2018, 61 percent named cash as the preferred means of payment.
Small minority who pay with their mobile phone
According to this year’s banking survey by management consultants, there is now a not so small minority in Europe who regularly go shopping without a wallet and prefer to pay by cell phone: on average in the 15 countries it was a good fifth (21 percent), in Germany, however, less than one in ten (9 percent).
The willingness to open a bank account with fintech startups or the payment services of technology groups such as Apple and Google is still comparatively low in Germany. According to this, 27 percent in the Federal Republic can imagine that. In Austria it was 39 percent, in Switzerland at 48 percent almost half.
The consultants surveyed consumers in Germany, Great Britain, France, Italy, Spain, Poland, the Netherlands, Belgium, Sweden, Austria, Switzerland, Denmark, Finland, Ireland and Turkey.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
