Germany, EU move toward cashless payment during the pandemic

Fewer people are paying with cash in Germany and the European Union — a trend that the coronavirus pandemic has accelerated. But there are risks involved with “fast” and “hygienic” contactless payment.

Even before the coronavirus pandemic, companies were encouraging their customers to pay without using cash. In 2018, people in Germany spent more money using cards as payment than cash for the first time. In 2020, stores made about 56% of sales via contactless payments. In EU countries such as Luxembourg, France and Estonia, people go contactless even more frequently. Across Scandinavia, many hotels, bars and stores even refuse to accept coins and bills. In Sweden, 82% of people now make their purchases without cash. Read’s full story.