National Cash Forum: Bundesbank wants to keep cash as the main means of payment

National Cash Forum: Bundesbank wants to keep cash as the main means of payment

According to a report by www.heise.de,
The “National Cash Forum” was founded in Berlin, initiated by the Deutsche Bundesbank, associations from the banking industry, retail, ATM operators and the Federal Association of Consumer Advice Centers. To found the forum, the Federal Association of Consumer Organizations presented a representative survey with 1,000 participants. According to the survey, people complain about worsening access to cash and a decline in the ability to pay with cash. The results also show that a quarter of those surveyed see fewer payment options with cash. The costs of cash withdrawals were perceived as increased by 23 percent of those surveyed and decreased by 8 percent.

The Bundesbank sees a need for action and aims to preserve cash as an efficient and widely used means of payment in a changing payment landscape. According to the bank's own representative study, 93 percent of those surveyed want to have the choice between cash and digital payment options. The Cash Forum should therefore meet at least once a year in a general assembly to ensure this goal.

Given these results, the market for payment options in Germany could potentially change. An increasing demand for receiving cash as a payment option would influence the behavior of banks, retailers and other players. The focus on digital payments may need to be reconsidered to meet consumer needs. This clearly shows that the discussion about the future of cash in Germany is more topical than ever before.