The Decline of Cash Payments in Germany

Despite being more reliant on cash than many European neighbors, Germans are gradually embracing electronic payments. Cash transactions in Germany have decreased from 83% in 2008 to 51% in 2023, reflecting a significant shift in consumer behavior.

In contrast, countries like Italy, Malta, Spain, and Austria still lag behind in adopting digital payments. The global payments industry, which generated $1.8 trillion in revenue in 2022, is expected to see reduced growth, dropping from 9% to a projected 5% by 2028. This trend highlights the evolving landscape of payment methods, as cash usage declines in favor of more convenient electronic alternatives.