For the majority of Germans traveling abroad in the euro area, cash is the first choice for small purchases. In a survey for the comparison portal Verivox, a good 53 percent of the 1017 respondents answered that they would usually pay for a purchase worth 20 euros at the cash register outside Germany with notes and coins.
At home, on the other hand, the majority now uses a card (around 52 percent) even for such smaller amounts, with a good 43 percent preferring cash.
Turnaround due to corona pandemic
“Until the corona pandemic, coins and notes were still the most popular means of payment domestically,” recalls Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. The pandemic gave a boost to cashless payment methods such as contactless payment.
“But abroad, cash is apparently still the more familiar and preferred means of payment for the majority of people,” concluded Maier, based on the survey results.
Generational Differences
According to the survey, older people in particular prefer cash when paying abroad: in the 70+ age group, around 58 percent prefer notes and coins for small purchases, and among 50 to 69 year olds the figure is even a good 60 percent.
According to the survey, card payments have replaced cash as the most popular means of payment among 18 to 29-year-olds: In this age group, according to their own statements, only a good 42 percent of the survey participants would typically pay for a 20-euro purchase on a trip in the euro area in cash, more than half (a good 54 percent) would use a card for this.
