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Debit cards are revolutionizing payment behavior: cash is on the decline!
A recent survey shows the decline in the use of cash in Europe: debit cards are preferred, cash is losing importance.
Debit cards are revolutionizing payment behavior: cash is on the decline!
A recent survey shows a clear trend: debit cards have replaced cash as the most common means of payment in Europe. According to a survey by Appinio on behalf of Strategy& (part of PwC), 40 percent of respondents said they prefer to pay with their debit card. Cash, however, is only preferred by 23 percent of participants. In 2022, 37 percent of respondents preferred cash and only 30 percent paid with a debit card. This illustrates the progressive change in the payment behavior of Europeans, especially in Germany.
The use of credit cards is also showing an increase: 22 percent of respondents prefer monthly billing with credit cards, an increase of 5 percentage points compared to the previous year. Mobile payment apps, on the other hand, continue to be less popular, with only 14 percent of survey participants using this option, which corresponds to a slight increase of 1 percentage point compared to 2022. These trends can also be reflected in the statistics of the Deutsche Bundesbank.
Using cash in Germany
In Germany, the decline in cash use is particularly dramatic. In 2022, the share of cash payments was still over 50 percent; now this has fallen to 35 percent. A study by the Deutsche Bundesbank shows that the share of cash payments in Germany fell from 58 percent in 2021 to 51 percent in 2023. Even if the decline is less severe than during the corona pandemic, it is happening faster than before.
According to the Bundesbank, 50 percent of all transactions with banknotes and coins will be handled by 2023. At the same time, the proportion of cashless payment methods is increasing. In this regard, the survey found that the debit card is now used in 27 percent of payment transactions - an increase of 5 percentage points since 2021. In addition, the share of mobile payments increased to 6 percent, a threefold increase.
The future of cash
Nevertheless, the surveys also show that the majority of those surveyed do not want to do without cash completely. Around two thirds of those surveyed intend to continue using cash as usual in 15 years. However, almost half expect that cash could have almost disappeared by then. The Bundesbank is therefore working intensively to keep cash available as a means of payment in the future.
This comprehensive research into payment behavior underscores the rapid changes in payment methods and raises questions about the future role of cash. The surveys were conducted in December 2022 and 2023, with a total of more than 15,000 transactions evaluated.