Results of this year's Cash Symposium by the Deutsche Bundesbank
The discussions about whether cash will be abolished or soon replaced continue unabated. This topic was also addressed at this year's Cash Symposium of the Deutsche Bundesbank on February 14.
Is the day now imminent when cashless payment methods or digital "currencies" will replace cash?
The current study by the Deutsche Bundesbank on "Payment Behavior in Germany 2017" shows that cashless payments are becoming increasingly popular. While the share of sales from card payments (e.g., girocard) increased by 6 percent to a total of 35 percent since 2014, cash payments decreased from 53 percent to 48 percent. Smaller amounts, especially up to 5 euros, are paid in cash 96 percent of the time—almost always.
Contactless card payments are still not very widespread. Nevertheless, the share rose to over 1 percent. In internet payment methods, such as PayPal or Sofort-Überweisung, the share rose to almost 4 percent.
Despite constant competition with other means of payment, cash still has its raison d'être. Dr. Jens Weidmann, President of the Deutsche Bundesbank, is also convinced of this.
It is certain that the usage of cash will surely change over time and cashless payments will gain further importance. Nevertheless, cash remains the dominant means of payment in the euro area.
Other interesting lectures of the fourth Cash Symposium included, for example, the development and societal role of cash, as well as additional information on "non-cash" topics and crypto tokens.
ALVARA, together with its customers, embraces the new challenges around the topic of payment.
About ALVARA Cash Management Group AG
As a medium-sized information logistics company, ALVARA has redefined cash management. The comprehensive industry know-how enables an understanding and networking of the interests of cash stakeholders in the financial and trade sectors as well as value service providers. Under the motto "Your cash safely in sight," demand-oriented IT complete solutions are offered for the cash cycle. A largely standardized approach is pursued, which is also associated with the implementation of industry- and customer-specific requirements. By using the latest technologies and close partnership cooperation with customers, market demands and trends are prudently incorporated into the development. For example, the ALVARA Coin Marketplace was developed for the trading of coins on the internet. ALVARA works proactively and strategically with its customers. The project management and software development process ensure high-quality solutions available through certified data centers.