Germany’s central bank, Bundesbank, has been evaluating the use of different payment methods since 2008 and for the first time ever cash does not represent the bigger half of payments.
They say that cash is king, but that’s not the case in Germany anymore after new polls show that cash payments have fallen under the 50% mark for the first time. Although, cash is still the most popular choice for payments representing a total of 47.6%, both credit cards, and internet payments are quickly gaining ground.
Card payments in Germany have grown from 33.4% to 39.4% since 2014 and internet payments are up to 3.7%.
These new numbers are not surprising and are following a trend that we can see elsewhere in Europe. Cash payments have been on a steady decline in Britain and Sweden for a long time, to the point where Sweden is on track to become the first cash-free country.
What Is the Future of Money?
That’s hard to say but if you look at recent developments it seems like card payments and cryptocurrencies will take over more of the market. In fact, just over the last year, several countries have started developing their own digital currencies with Japan, Sweden, and Russia leading the change.
By 2020, Japan will be the first country to officially introduce a digital version of a fiat currency and by the looks of it, many countries are about to follow suit. However, during the last few months, there were several failed attempts to introduce an oil-backed digital currency in Venezuela.