Goodbye cash? This is how our payments are changing in Austria!

Goodbye cash? This is how our payments are changing in Austria!

More and more Austrians are rethinking their attitude to cash. Coin production will soon be reduced, adding to many people's worries that cash could soon become a thing of the past. These dramatic developments show that the trend towards digital payment methods, such as ATM payments and cryptocurrencies, is becoming increasingly clear. Loud krone.at The digital euro is already being discussed and could replace the real euro in the near future.

Although there is growing fear that state institutions and banks are a driving force behind the abolition of cash, a survey by insidedigital.de that 75 percent of young people now conduct their banking transactions via apps. In the 18 to 30 age group, 30 percent have not withdrawn any cash in the last six months. A trend that not only affects banks, but also the older generation, who may have increasing difficulty accessing cash.

Cash and digital payment methods clash

ING has found that the use of cash is constantly decreasing. Even in the middle age group, 20 percent do not withdraw cash, while this figure is 23 percent among older people. These numbers demonstrate an obvious shift towards digital payment methods, which are seen by many as easier and more efficient. The consumer advice center has already emphasized the need for banks such as savings banks to support the transition to the digital world in order not to let older citizens down. Another example shows that more than half of young ING customers use mobile devices to pay, which could potentially herald the end of the traditional Girocard.