A recent study published by the Bundesbank in Frankfurt on
"Payment behaviour in Germany" revealed that cash
is on average the most commonly used method of payment in Germany.
Measured in terms of all purchases made, including retail purchases
of everyday items, services and internet trading, the study also
revealed that cash is likely to maintain this role in the
future.
Measured by the value of the transactions, cash accounts for a
share of 57.9 per cent while in terms of the number of
transactions, cash accounts for a share of 82.5 per cent, due to
the fact that mainly small and medium-sized payment amounts are
paid in cash.
The amount of payments made in cash by very
young and elderly persons (under 25 and above 55 years of age) is
also higher than average and there is a direct connotation between
low income and a high rate of cash payments. And
the percentage of cash payments is higher in western Germany than
in eastern Germany.
According to the study, cash payments are expected to continue
to lead the way for payment methods in the future. Bundesbank said
it is unlikely that cashless payment instruments will significantly
displace cash in the short term.
In July, Ukash announced that its estate in
Germany will grow to 20,000 physical sites across the country. To
further develop its availability in Germany and reach a wide range
of consumers who wish to shop, pay and play online using cash,
Ukash has also launched its online issuing
service.
www.ukash.com