Survey - Germans prefer to pay small amounts in cash
Cash is preferred by most Germans for small transactions - both within the European Union (EU) and in Germany. This is shown in a representative survey conducted by the opinion research institute YouGov on behalf of the C24 Bank. More than half of the interviewees (53 percent) stated that they pay bills up to 20 Euro in cash within the EU.
Overall, 42 percent use other payment methods. So, 17 percent each stated that they use a Debit/Credit card or a Girocard in the EU for smaller transactions. Eight percent of interviewees pay using their Smartphone or a Smartwatch. A total of 2,065 people participated in the survey between 11th and 13th June.
"Fear of additional fees for card payments abroad deters consumers from using their cards," says Lasse Schmid, managing director of the C24 Bank, according to a press release. In Germany, it is often not possible to pay in small amounts using a card. This experience is another reason why people also use cash more often for payments abroad.
Older people pay more in cash
Within the German territory, almost half of the interviewees (49 percent) use cash for bills up to 20 Euro. Every fourth person in Germany therefore uses the Girocard for such transactions.
According to the survey, there is also a correlation between age and payment method choice. So, people over 55 years old pay the most in cash for bills up to 20 Euro (Inland: 64 percent, Foreign: 67 percent). The lowest share is among people between 25 and 34 years old. According to the survey, 30 percent of interviewees in this age group pay in cash in the foreign country, while the share in the domestic market is 27 percent.
- The YouGov opinion research institute conducted a survey on behalf of the C24 Bank, revealing that 53% of consumers in the EU use cash for small transactions up to 20 Euro.
- The survey in Munich also indicated that 17% of consumers in Germany prefer using Debit/Credit cards and 17% use Girocards for the same purpose in the EU.
- The amount of cash used by consumers within the EU for transactions up to 20 Euro decreases with age, as only 30% of people between 25 and 34 years old pay in cash abroad, compared to 67% of consumers over 55 years old.
- The study also revealed that within Germany, over 49% of consumers use cash for bills up to 20 Euro, while 25%-34% age group's preference for cash payment is only 27% domestically and 30% abroad.
