German consumers are unlikely to be tempted away from their love
of notes and coins anytime in the near future, according to research
conducted by the German Bundesbank.
2000 people were questioned about their purchasing habits by the
Bundesbank, with each person asked to keep a payments diary
recording their daily transactions.
The majority of those surveyed said that their method of payment
was determined by the amount of cash they had available and the
amount to be paid. Measured by the value of the transactions, cash
accounts for a share of 57.9%, girocards for 25.5% and credit cards
for 3.6% of all purchases. In terms of the number of transactions,
cash accounts for a share of 82.5%, with girocards and credit cards
accounting for 11.9% and 1.4% respectively.
On the German high street, cash substitutions have too many
barriers to overcome, "When deciding on the method of payment to be
used, members of the German general public attach the greatest
importance to protection against financial loss, acceptance in
retail outlets and cost," notes Sarrazin. "It is unlikely that
cashless payment instruments will significantly displace cash in
the short term. A tight-knit nationwide network for obtaining cash,
such as ATMs, is, furthermore, promoting the use of cash."
Ukash, the globally recognised alternative payment method,
enables consumers to shop, pay and play online using cash. The
anonymity of buying and spending with Ukash vouchers means that no
financial details are required from the consumer, thereby allowing
customers to shop online free from the fear of online identity
theft. As you simply buy the amount of vouchers required, Ukash can
also help customers manage their money by eliminating the risk of
over-spending and allowing customers to see where they have spent
their money.
www.ukash.com