Cash remains popular: Survey shows that cash is still the most common method of payment in Austria and Germany.

Cash remains popular: Survey shows that cash is still the most common method of payment in Austria and Germany.

According to a report by www.heise.de,
Cash is still the most commonly used means of payment in Austria and Germany. According to a survey by BearingPoint and YouGov, almost 80 percent of respondents in Austria use cash most often, followed by around 70 percent of respondents in Germany. At 63 percent to 55 percent, Switzerland, Ireland, the Netherlands and France are also well ahead of Finland, where cash use is lowest at 43 percent. The survey also shows that the vast majority do not expect to move away from cash in the next five years.

However, not all respondents are aware of the European Central Bank's planned digital euro. Around a third of those surveyed have never heard of the digital euro. In Austria and Germany, more survey participants also believe that the digital euro will be used less frequently than cash in the future. On average, almost a third of those surveyed see the digital euro only as a supplement to existing means of payment.

The results of this survey may have a significant impact on the market and the financial industry. The high preference for cash in Austria and Germany suggests that the introduction of new digital forms of payment could face resistance. In particular, the fact that a third of those surveyed do not know the digital euro and that some participants expect it to be used less than cash shows that comprehensive information and persuasion work is necessary to strengthen trust in digital payment methods. The survey also shows that trust in traditional banks, especially in Finland, is high, while new technology giants such as Apple, Amazon and Google enjoy significantly less trust. This could potentially have an impact on the attractiveness of new digital payment service providers.

Overall, the survey highlights the importance of trust and education regarding the acceptance of new digital currencies and forms of payment in Europe.