with cash according to a study, cheaper and faster than debit or credit card. So, the average cash payment to the Treasury of about 22 seconds, and cost banks and business owners 24 cents per transaction. The investigation was conducted by the Deutsche Bundesbank as well as the EHI Retail trading institution and on the website of the Bundesbank published. (Peer et al., 2019), Then it will take at entering the PIN, around seven, and in the signature 16 seconds longer than when Paying with cash. The cost is 34 cents higher.
“At the point of sale, cash is still the fastest and most cost-effective means of payment”, – said the member of the management Board of the Deutsche Bundesbank Johannes Beermann.
For the study, the Bundesbank in the year 2017 a period of approximately 3,000 number of transactions in 15 stores to measure. In addition 30 retail stores gave different size information about your costs for cash and card payments.
the fees, however, entirely on the price of the product. In the case of payments under 50 Euro cash is the cheapest Alternative, since the fixed costs for the Cash holdings on average are lower than the fees per card payment. For higher amounts, the debit card is the cheaper option.
In the German retail sector are made every year about 20 billion transactions. “Three out of four of them to be settled in cash,” said Beermann. However, the number of cashless payments is increasing steadily.