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Cash before the end: Alternative carries danger for bank

Corona pandemic has further advanced cash payments. However, experts warn unacceptable alternatives.

NRW-Many will certainly still remember: On January 1, 2002, Euro coins and bank grades were introduced for the first time for payment transactions in Germany and in 11 other EU countries. But although experts issue a good certificate twenty years later in times of IT security gaps in digital payment systems, the corona pandemic has left its mark-a trend is clearly recognizable, cash knows.

CARE-AUS: Cash payments between 2017 and 2020 decreased significantly

Between 2017 and 2020 alone, the use of cash was decreased by 14 percentage points, reports, according to researchers from the Karlsruhe Institute of Technology (KIT), which the Office for Technology Consequences estimates at the German Bundestag (Tab), this has been used with the coronation Pandemic to do. As hna reports, more and more ATMs from the shopping arcade are disappearing across Germany.

Global In a recent survey, according to the SWR alone, 41 percent of those surveyed would have given to pay more often with a girocard than before the pandemic. For hygiene reasons, the trade had increasingly asked its customers to pay cashless (more service on cash).

CARORONA-AUS: CORONA pandemic has pushed forward payment options

Most Germans still pay their goods with cash and ideally should also keep a high sum for emergencies at home. However, according to the TAB researchers, the pandemic experiences could grow curiosity about the diversity of indispensable payment solutions and the products and services that can be combined with them.

According to a survey by the ehi trade research institute, the proportion of unpleasant payment options has actually increased significantly in recent years, reports the Handelsblatt. Accordingly, the debit or the credit card as well as the smartphone or smartwatch are being pulled out more and more.

In stationary trade, its share of sales has increased from 50.5 to 58.8 percent since 2019. The ehi reports that their share of transactions, such as in online trading, has also increased from 26.1 to 37.9 percent.

CARE-AUS: Cash promotes inclusion and is an important corrective in payment transactions

If it is based on the researchers of the tab, cash in Germany still has a future. After all, a world without cash with a monopoly of, for example, US or Chinese big tech corporations in the financial services sector brings clear disadvantages.

In the TAB study, cash is an important corrective in payment transactions. Virtual payments by debit or credit card or even Bitcoin could not achieve a similar level of inclusion.

Andrea Nitsche, spokeswoman for the Cash count! This is particularly concerned with the approximately one million people who have no bank account.

CARE-AUS: Data protection in the event of uninable payments partially a problem

So if you pay with cash, you can see a full part of society for every1. Even when it comes to data protection, cash payment is a significantly more reliable method than unclear number options. But here, too, consumers should be aware of some differences.

The privacy and data of customers who pull out a debit card at the coffers of supermarkets and discounters are better protected according to the tab than with consumers who prefer to use a credit card. Partial security gaps in data protection, on the other hand, are clearly recognizable when using PayPal or in mobile payments. It is not for nothing that criminals often try to get their victims' data from PayPal, often from PayPal.

CARE-AUS: Payment service providers create a behavioral profile when paying for the unclear

Finally, the creation of a behavioral profile would also collect and process data that, according to the TAB not in direct connection with the payment process. After all, authentication is often required when paying for mobile payments, unlocking the smartphone and also so-called security tokens.

There are still the crypto currencies. In the tab study, the researchers warn that they are misused often for criminal purposes. According to the AVG security software, there is no supervisory authority at Bitcoin and is accordingly open to everyone because of its decentralized network.

CARE-AUS: Cash The only anonymous payment method

With regard to anonymity, the good, old cash stands out the inconceivable payment options. If you are looking for centrifts for a long time at the cash register or pulls large notes for small purchases, you may be anger or impatience from cashiers and other customers.

However, unlike mobile or card payments, the respective financial service providers cannot create a behavior profile from customers, explains the swr. Cash, as the only anonymous means of payment, therefore means freedom.

CARE-AUS: Researchers of the Tab require discourse on state-secured basic care

In their conclusion, the researchers of the Tab explain that from the 2030s, one must think about the need for the need for legal standards for basic care with cash as in Sweden. As a result of the loss of meaning of the cash in everyday life of many consumers, the Swedish government had decided by law to get back to the level of cash supply in 2017.

A basic supply of cash ensured by the state could therefore guarantee advantages such as inclusion, anonymity and, above all, the protection of consumers from data abuse. In addition, tips with cash can be paid easier and some older fellow citizens have their problems with the technology. In contrast, the good, old cash is relying on.

According to the TAB, state-secured basic supply in Germany is connected with questions after the costs of providing the cash infrastructure including ATMs and their takeover. Alternatives have long since established themselves. At least now, almost 86 percent of all supermarket chains already offer the option to withdraw amounts of up to 200 euros at the cash registers free of charge, reports CHIP.

Rubric list picture: © Stpp/Imago

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