Although Germany has taken many health and safety precautions in light of the coronavirus, when it comes to payments, Germans still prefer cash rather than contactless or touchless options.
In March, when the pandemic hit, Germany's central bank, the Bundesbank, issued 17 billion euros more in notes and coins than it did in April. The spike was first attributed to the coronavirus, but the Bundesbank has been issuing normal amounts of cash, roughly $3 billion to $5 billion euros a month, according to a NPR report .
The Bundesbank won't know how that cash is being spent until next year, but the German Association of Money and Bond Services claims that contactless card payments are on the rise — with almost a third of all card payments made this way since the outbreak of COVID-19 — but cash still makes up 75% of Germany's transactions.
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Privacy PolicySeptember 9-11, 2024 | Charlotte, NC