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Cash ban: Is Germany still a developing country in this regard? Who is further along than us?

5 September 2019 2 min

Germany is definitely a developing country from a current perspective. I like to remember my last trip to China: a lady from the village has sold her home-made tartlets. Besides that, she had two phones lying. Because: The tartlets were buyable via QR code! But that is not an isolated case. If you enter a shop there, in most cases you can buy the goods with your mobile phone and pay without having to wait at a checkout.

Maxim Bederov on European development

But even in European comparison, we are far behind. While most of our cash payments are still settled in cash, cash payments are the biggest exception in Sweden.

Maybe you were in Sweden this year? Then you will surely have noticed and hopefully before your trip that you urgently need a credit card. Because even if you only visit a café or small museum in Sweden, you must have a card ready for payment. No matter how strange it may be for you to pay a 5 euro or kroner amount with the card, it is now part of normalcy.

Maxim Bederov states what keeps us old

Be it the habit that leaves us still on our wallet. Or another reason: the fear of the new. I understand that many have misgivings about the ban on cash, and most of my concerns are totally in the black. Nevertheless, in order to be able to boldly follow the development, which is timely and therefore necessary, it is important to deal with the new technologies in this eld. For Blockchain and many other ways to secure his accounts and passwords have been created. Cyber security is a fast growing industry. We will all hear and see much more with her in the future.

Author: Maxim Bederov

Here are some more articles:
John Cryan gave cash less than 10 years a few years ago: how much longer are we still going to pay cash?
Provision for the future – how it really works!