Cash remains much more popular with consumers in German-speaking countries than with consumers in the rest of Europe, according to a study by management consultancy Strategy&. According to the comparison of 15 countries published in Munich on Thursday, cash is the most popular means of payment for 54 percent of consumers in Germany. On average across the 15 countries, only 37 percent said so.
Denmark was at the lower end of the scale – only 17 percent prefer to pay in cash. Strategy& is part of the international accounting firm PwC, the company surveyed a total of 5750 people in 15 countries in September and October.
47 percent of Austrians prefer cash
Compared to its neighboring countries in Austria and Switzerland, the preference for cash is therefore most pronounced in Germany: in Austria 47 percent prefer cash, in the Federal State only slightly more than a third (35 percent). But cash payments are also gradually losing importance in Germany: in a previous survey in 2018, 61 percent preferred cash as a means of payment.
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 mobile phone: on average across the 15 countries this 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 payment services from technology groups such as Apple and Google is therefore still relatively low in Germany. According to this, 27 percent in the Federal Republic can imagine that. In Austria it was 39 percent, in Switzerland 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: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
