Wednesday, February 16, 2022

Cash Transactions Disappearing

 I was watching N-TV business news today, and up popped this new German statistic....about three-quarters of all transactions done....are by card (not cash/coin).

About three years ago (before Covid), I stood in line....about six back....at a local ice cream stand.  The five in front of me?  They all used their EC-card (these were five to ten Euro ice cream purchases).  I was the cash-guy.

It's been difficult for me to adjust to this (my German wife is difficult on use of the card, and it has to be a minimum of 50 Euro for her to swipe the card).  For just coffee or a single beer?  I'm still a cash guy, and make a once-a-month trip to a local ATM machine for pocket-money.

This being a whole new era?  I would imagine that virtually all Germans under the age of thirty are 95-percent on the card use now, and it's rare to they stop to pick up 100 Euro a month for small purchases (like coffee or a soda).

Trying to suggest a mandate?  Why?  People are already trending this way and the days of having some giant 'piggy-bank' with fifty Euro in coins near the door.....is rapidly going away.  It wouldn't surprise me in ten years if virtually all ATMs just disappeared and the only way of getting coins or bills will be at the local grocery store where you ask for an extra forty Euro as you buy the weekly groceries.


1 comment:

PROCON said...

I'm in the same age group as you and because of the convenience I probably use my credit card to pay for all purchases 95% of the time. I'll use cash to pay my monthly visit to the barber shop and that's about it. All my bills are paid electronically through my bank account too. Again just too convenient. I'm not against paying by cash, I just rarely do it.