Cash is disappearing: How our coffers remain empty!

Cash is disappearing: How our coffers remain empty!

In a world where cash is increasingly becoming a relic of days gone by, a worrying trend is emerging: fewer and fewer bank branches and ATMs offer the option to withdraw or transfer cash. One concerned author reports that his bank branch was closed without notice a few months ago. The cash withdrawal machines have also disappeared. The nearest alternative is now over 80 kilometers away, but this branch has also now closed, making the supply of cash in the region even more difficult. Northern Courier reports that this lack of available cash options is not only causing discontent, but is also negatively impacting people's everyday financial transactions.

The author ultimately decided to switch to online banking, which initially offered him a lot of convenience and flexibility. Carrying out financial transactions from home sounds practical, but cash has recently had a difficult time maintaining its place in stores. Even though some retailers offer fee-free withdrawals, problems still arise when it comes to receiving cash - the cash registers are often simply empty.

Cashless payments are on the rise

The study by the retail research institute EHI shows that since 2018, Germans have been paying cashless more often than with cash for the first time. In 2024 there were loud noises Commerzbank Around 63.5 percent of retail sales are cashless. A growing trend that means many retailers and consumers are increasingly neglecting the handling of coins and notes. This is also reflected in an increase in cashless payments of 12.4 billion euros compared to the previous year.

The popularity of the girocard in stationary retail is undeniable. It became the strongest payment method in 2021 and recorded sales of an impressive 182.4 billion euros. The total sales share of cashless payments has now increased to 48.6 percent and shows that cash lags significantly behind cashless options.Girocard payments account for almost 43 percent of retail sales and the use of mobile payment methods is also increasing rapidly.

The new payment methods

Cashless payments are becoming increasingly convenient for users. The proportion of contactless payments has increased to 72.6 percent, and in food retail this proportion is even between 78 and 87 percent. Over the last few years it has become clear that the development towards digital and cashless payment methods can no longer be stopped. Consumers perceive contactless payments to be quick and hygienic, which is now reflected in people's everyday lives.

The statistics of the Retail Sales Monitors suggest that the share of cash in stationary retail now only accounts for 33.8 percent - a significant decline compared to the 1990s. This trend is expected to continue and cash availability will become an increasingly pressing issue for both customers and merchants.

Given the ever-decreasing popularity of cash, the need for solutions to ensure the flow of cash in cash registers and ATMs is becoming more urgent than ever. Consumers are required to adapt to these new realities, even if the journey can sometimes be difficult.