One of Europe’s strongest economies still prefer the safety of cash

While many European, American and Australian respondents of the Ipsos survey conducted on behalf of ING bank website eZonomics prefer going cashless, the survey shows that Germany has recognised the dangers of slipping into a cashless society, despite its lucrative conveniences, and instead prefers the freedom and anonymity offered by cash.

As per the results of a study more than a third of Americans and Europeans would be happy to let go of cash and instead rely on electronic forms of payments. Moreover 20% of those surveyed have already gone cashless.

The study had been conducted in 13 European countries, Australia and in the United States. The results of the study show that in places where cash has been most used, people living there are among the keenest to ditch it.

The study, conducted by Ipsos for the ING bank website eZonomics, found that 34% of respondents in Europe and 38% in the United States are willing to go cash-free.

Already 21% of respondents in Europe and 34% in the U.S. rarely use cash.

More than 50% of European respondents said their usage of cash has diminished in the past 12 months, with 78% saying they expect to use cash even less in the coming months.

Technological advances in payment systems have caught on so fervently among consumers that the issue of going cashless has taken political overtures in some countries.

For example, in Germany, consumers have been worried that a move by the European Central Bank to phase out the 500 euro note by the end of 2018, is likely to be the start of a slippery slope.

The usage of cash in Germany, one of Europe’s strongest economies, is the one where cash has predominance over cashless systems.

The results of the ING survey shows that only 90% of Germans mostly use cash. In Poland and France, cash usage was at 33% and 35% respectively.

In Italy 19% of respondents said they rarely used cash while 41% of the respondents said they would be willing to go cashless. This trend was similar in other countries, including, Romania, Turkey, Czech Republic and Spain.

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