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Corona Accelerates The Move Away From Cash
In Germany, cash is still the most popular means of payment. But in the Corona crisis, according to a study, more and more people pay with cards or apps. And other European countries are even further ahead.
Yazar: Tom Roberts
Yayınlanma: 15 Eylül 2020 01:12
Güncellenme: 20 Kasım 2024 23:04
Corona Accelerates The Move Away From Cash
According to a consumer study, the corona crisis is accelerating the gradual departure of Europeans from cash. Accordingly, in ten European countries, on average, only 36 percent of consumers prefer to pay in cash, as the management consultancy PwC Strategy writes in a study. A year ago it was significantly more at 43 percent. Instead, people pay more often with both debit cards - known in Germany as Girocard - and mobile payment apps.
Cash is king - in Germany
However, there are still very large differences within Europe: In Austria (57 percent) and Germany (56 percent), there are still clear majorities who prefer cash - even if it was well over 60 percent a year ago were.
At the other end of the scale is Sweden, where only 15 percent prefer to pay with notes and coins. According to the survey, cash is only preferred by minorities in the Netherlands and France. Across Europe, 44 percent of the 3,500 consumers surveyed said that they now pay more often with cards - with a smaller group of 15 percent there was the opposite trend: They pay more often in cash.
Data protection reservations
This year, PwC asked for the first time in twelve countries, but for the comparison figures with 2019 only the responses of citizens from the ten countries that were surveyed a year ago were evaluated. In addition to Germany, Austria and Switzerland, these are: Italy, France, Spain, Great Britain, Poland, the Netherlands and Sweden. Ireland and Turkey are new.
The widespread reservations about data protection remain unchanged with payment apps. According to the authors of the study, this is a major obstacle to the spread of so-called open banking.
More incentives could make paid apps more attractive
As in 2018, only 20 percent across Europe said they would be willing to share their personal data on personal finances. 55 percent refused, the rest are undecided. "Banks and fintechs can, for example, show their customers the advantages of open banking with comprehensive control over all accounts, direct debits and contracts," says the study.
According to the management consultancy, financial apps would have better chances of dissemination if banks and fintech companies offered their customers additional advantages - in addition to discounts on shopping, for example, automated tax returns or free banking services.
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