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The Austrians are attached to cash: “65 to 70 percent of the transaction is still made in cash”said Matthias Schroth, Director of the Cash, Shareholdings and Internal Services department of the Oesterreichische Nationalbank (OeNB), today, Tuesday, at a press conference in Vienna. The OeNB and the Austrian Mint commissioned the market and opinion research institute Marketmind to conduct a survey of 800 respondents to determine their motives for using cash. “The study shows that financial circumstances have an impact on the choice of payment method”, said study author Karin Graf. The more comfortable the financial situation, the more flexible the Austrians are when it comes to choosing the means of payment: 44 percent stated that they prefer to pay in cash because other forms of payment would incur fees. Contactless payment by card is often not affordable for people in precarious circumstances. 30 percent of those surveyed stated that they were in a financially difficult situation. “25 percent of those under 30 need debt counseling, and the trend is rising. 41 percent of the children do not receive any pocket money and therefore do not have the opportunity to learn how to manage their own money”said Gerhard Starsich, Director General of the Austrian Mint.
“Cash is the cheapest means of payment”said Schroth: All other forms are business models that would incur fees. With certain forms of payment, such as credit cards, the costs for the mere payment process are combined with other costs, such as insurance packages. As pleasant as these aspects may seem at first glance, they significantly increase the costs of the payment process. Schroth advises people who often make cashless payments to take a closer look at their account package. With some contracts, the number of monthly transfers is limited. Anyone who exceeds this number must pay additional fees: “Considerable sums can be accumulated over the course of a year.”
The meaning of pocket money
Other reasons for using coins and bills: 63 percent say that handling cash helps them get a feel for money. 76 percent believe that children learn to manage money better with cash than with cashless alternatives. 69 percent say that paying with cash protects sensitive data better. 54 percent say that the use of cash supports the Austrian economy.
Internationally, cash is under a lot of pressure: In Sweden, it has already been pushed out of everyday life to a large extent. The Dutch are also pioneers in digital payment processes: 16 percent of pharmacies no longer accept cash payments. According to Schroth there is no clear, generally recognized and always enforceable obligation to accept cash in Austria either, which is why legal clarifications would be important.
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