Germans prefer cash above other payment methods: survey

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German customers prefer cash above all other payment methods, showed results of a survey by German central bank released on Wednesday.

Some 48 percent of goods and services were paid and 74 percent of transactions were made in cash in Germany last year, making it the most favored payment method, according to the report analyzing German payment behaviors in 2017.

But in terms of sales volume and transaction times, cash proportion both fell by 5 percent compared with 2014, the report said.

Despite the cashless payment development, 88 percent of survey participants still want to keep cash payment in future. Each German carries around 107 euros in cash on average last year, according to the report.

The survey commissioned by German central bank was carried out in 2017 and involved some 2,000 respondents.

German central bank has updated payment behaviors report every three years since 2008, and cash has always been the favorite payment method in Germany since.

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