Corona makes cash less popular
Europeans pay much less with coins and bills than they did last year. This trend is clear even in Germany. The pandemic is accelerating change.
Dhe paying with bills and coins when shopping has become significantly less popular in Europe due to the Corona crisis. “The preference for cash has declined to an extent that would otherwise have taken a generation,” says a survey published on Monday by ING Bank, which was carried out in 13 European countries in May. In Germany, too, where cash is still particularly popular, a good half of the respondents were less willing to use cash as a result of the crisis. In the rest of Europe this even applies to more than two thirds of the respondents.
According to the study, the proportion of respondents who normally pay for certain expenses, for example for grocery shopping or using public transport, in cash fell by 7 to 14 percentage points compared to the previous year in Europe. In Germany it is 8 to 19 percentage points. According to the survey, the preference for cash remains a question of generations. Only 24 percent of 25 to 34-year-old Germans paid for their groceries with bills and coins. In the case of older people, it is still around 40 percent despite the Corona crisis.
Especially large amounts without cash
According to the results of the survey, around 44 percent of the Germans surveyed said they had reduced their cash use. The European average was 57 percent. Around 42 percent of those surveyed in this country said they pay more often by card, in Europe it was 52 percent. Even during the pandemic, cash is still very popular with Germans, say ING Bank experts. Looking at payment preferences, however, it becomes apparent that German consumers also appreciate the advantages of cashless payments, especially for larger amounts.