World without cash – changes in conventional banking and payment systems

Cash remains the dominant means of payment in most countries around the world – with its importance being highest in Africa and lowest in Oceania. With approximately 60 % of transactions being made in cash, Germany ranged in the upper midfeld in Europe in 2020. However, compared to 74 % in 2017, the decline in cash use was massive – probably also due to the COVID-19 pandemic. The main winners of this development in Germany are the providers of debit and credit cards. Tese are used as plastic cards in bricks-and-mortar trade and as virtual cards for processing mobile payments and Internet payment methods. New players such as BigTechs and FinTechs are becoming increasingly active with regard to payment transactions and ofer products and services for more convenient payments with various additional functions.