Accelerated by the corona pandemic, cash has lost its importance as a means of payment in Germany. According to a study published by the Deutsche Bundesbank on Wednesday, 58 percent of payment transactions for goods and services were settled with notes and coins last year. In the last major survey by the central bank in 2017, however, it was still 74 percent. “Payment behavior has changed significantly in recent years,” said Johannes Beermann, the Bundesbank board member responsible for cash.
According to the Bundesbank, one reason is the increase in online purchases and the reduced use of cash during the corona pandemic. Retailers had advertised paying without notes and coins during the pandemic. In addition, cashless payment has become much easier, said Beermann with a view to contactless payment. The customer no longer has to insert their credit card or Girocard into a reader, the card is simply held in front of the reader.