Germans have the reputation of being rather conservative when it comes to money, favoring savings accounts and paying in cash for their purchases. But that seems to be changing.
According to a survey of 435 retail businesses by the research organization EHI, for the first time ever, in 2018 Germans paid more often with credit or debit cards (48.6%) than cash (48.3%) for their retail purchases.
The strong growth in the former was driven by a 3.8% increase to 30.1% in consumers using the direct-debit Girocard system.
Cash money has almost disappeared in countries like Sweden, and experts predict robust growth in the cashless and mobile payment sector in the years to come in Germany as well.