The elders in Germany are still cash friendly. The retail trade has long reacted to this. There are cash registers in the Supermarkets, gas stations, and hardware stores that gives customers opportunity to get cash at their cash registers.
However, this service is still relatively new and unknown, even though the supermarket chain Rewe has been offering it for years.
According to Kerstin Schultz, an expert at the German consumer advice center (VZ) Saxony, this is because going to the ATM for decades was the only way to get cash. "New systems must first become known and have a certain broad impact," she says.
More than 1000 people were surveyed on behalf of the Saxon consumer, in October and November of last year, advocates for a representative survey on the topic of cash. The survey result reflected that 78 percent do not take advantage of the possibility of withdrawing money from their ATMs.
Smartphone instead of ATM
Customers can get free cash from a purchase value of ten or 20 euros in case of a debit card transaction. The minimum purchase value has been totally eliminated at the Shell petrol pumps, but only Cashgroup customers can withdraw money there. These include Deutsche Bank and Commerzbank. Money withdrawal is even possible by smartphones.
The start-up was founded almost seven years ago. A barcode comes to a customer screen that he has previously requested in his bank to withdraw the money, The money can be paid if that barcode is recorded at the cash registers of the outlets.
The system is available in around 10,000 retail outlets, even though only a few banks have participated so far. The trend for the same is going up.
Attractive to young customers
As the survey indicated the younger customers respond evidently to the offer. This has been confirmed by the German Bundesbank. Also at the same time, the young people are not interested in paying the cash. The retailers, on the other hand, are offering the solution to pay via smartphone apps
Only three percent of respondents use this form of payment, according to a survey, "We will not and do not have to reach a Swedish level in the short and medium term," she says. In that region there is no cash payment, it is considered as almost done. There the payment is only being done by card or smartphone.
She says that this might be because of security and privacy issues, the Germans are skeptical about the digital ways and shows the desire not to divulge its spending practice. She says that it might be a generation issue.