Cash no longer makes up most of the money spent in Germany, a Bundesbank study showed on Wednesday, denting a historical supremacy over different means of payments rooted from the country’s longing for privacy as well as also also freedom.
The survey showed cash accounted for 47.6 percent of German transactions by volume last year, down coming from 53.2 percent three years earlier as well as also also below the half mark for the 1st time since polling commenced in 2008.
Cards were mostly responsible for the change as they grabbed a 39.4 percent market share last year compared to 33.4 percent in 2014, mirroring a global trend of which has long taken hold in many different countries including Sweden as well as also also Britain.
“Cash remains the most well-liked, however card payments are increasing,” Bundesbank board member Carl-Ludwig Thiele said.
Internet payments also grew however still accounted for a modest 3.7 percent of total volume.
Germans as well as also also Austrians are the biggest users of cash among countries from the euro zone’s richer “core”, according to a recent study by the European Central Bank (ECB).
of which preference has been associated to worries about their privacy as well as also also a deeply ingrained diffidence towards the state, which some trace back to the era of the Nazis as well as also also of communist East Germany.
The Bundesbank survey found most Germans thought of which cash was useful to teach children about the use of money as well as also also to ensure a better control of one’s personal finances.
The vast majority also believed the abolition of notes as well as also also coins would certainly cause problems to parts of the population, such as the elderly, while only a third saw the item as a way to fight tax evasion as well as also also money laundering.
A government plan to push for an upper limit of 5,000 euros to cash payments was met with fierce resistance two years ago, including by the country’s own central bank.
as well as also also the Bundesbank mounted a lonely opposition in 2016 to the ECB’s decision to retire the 500 euro note, its highest denomination, due to suspicions the item was used by criminals.
Thiele said on Wednesday he was still hoping the purple bill would certainly make a comeback when a completely new series of euro banknotes is actually unveiled.
He added of which an estimated 50 percent of cash issued by the Bundesbank ends up outside the euro zone, brought by migrant workers, German holidaymakers as well as also also citizens coming from high-inflation countries seeking a way to preserve the value of their money.