Black and red is clear: cash remains in Germany!

Black and red is clear: cash remains in Germany!

In Germany, cash remains an important part of payment transactions. Despite a declining share of cashless payments, which fell from 58% in 2021 to 51% in 2023, cash is estimated by many citizens. The Tagesspiegel were managed with cash in 2023 in 2023. This number provides the repeated discussion about a possible cash abolition in the shadow.

Recently, the coalition agreement between the parties CDU and SPD caused confusion and concern on social networks. False claims were spread, according to which the future government alliance plans to abolish cash and to commit citizens to digital payments. However, the CDU press office has made it clear that "there are no plans for a ban on cash in Germany". Rather, the coalition agreement emphasizes that the cash should be retained as a common form of payment and everyone can decide how they pay.

The current state of cash use

According to a study by the Deutsche Bundesbank, which was also published in the context of the survey on cash use for cash use Bundesbank would. On the other hand, 28% prefer cash and 28% have no preference. This survey shows that the protection of privacy is still considered one of the essential advantages of cash.

More and more people are using cashless payment methods. The proportion of debit card payments rose to 27%, which corresponds to an increase of 5 percentage points since 2021. In addition, the proportion of mobile payment has tripled from 2% to 6%. Despite the increase in cashless transactions, 80% of those surveyed stated that their payments on site would also have been possible in cash without an increase of 20 percentage points since 2021

cash in the future

Despite the emerging digitization, the future of cash does not flash out without restrictions. Almost 20% of the respondents reported that they had difficulty paying in business with a card or mobile. In addition, more and more people experienced that access to cash became harder; The proportion of respondents who have difficulty access to ATMs or bank switches rose from 6% to 15%.

A majority of respondents would like to continue to use cash in the future, but expects a decline in cash use. Around two thirds of the respondents expressed the desire to continue using cash in 15 years as before, while almost half of the respondents assume that cash could be almost disappeared during this period. Only 7% believe that cash is abolished within 15 years.

The European Central Bank (ECB) has already planned new euro banknotes, since cash will remain an important form of payment in the future. According to Article 128 of the EU Treaty, no member state can abolish cash, which stipulates the legal framework for the future use of cash. The Bundestag's scientific service has also confirmed that the existence of euro banknotes in the EU is guaranteed.

Overall, it shows that cash has not completely lost its relevance despite the increasing digitization. The Bundesbank is continuously working on keeping cash as inexpensive and efficient means of payment in order to meet the needs of all citizens.