On the rare occasions I pay for high cost items in cash, it hurts. I can definitely see the value in paying with cash if you area trying to stick to a budget
Why Germans pay cash for almost everything
211–220 of 497 posts
Re: Why Germans pay cash for almost everything
#212Earlier quoted context omitted.
But Germans don't trust contactless payment because in theory anybody could hold a card reader against your wallet while you're innocently waiting in some line.
And just what would they do with it? That seems an easy way to get your merchant account cancelled very, very quickly.
But why would they care? Stripe does payments every 3 days or so and you can easily create more accounts. I never ever checked my credit card history, and I assume many people who only use it as secondary payment system don't. It's easy as fuck therefore IMO a valid scenario.
Re: Why Germans pay cash for almost everything
#213Earlier quoted context omitted.
Also, almost every store accept touch-pay method where you just touch your CC with the terminal and it is payed without entering pin or providing signature. Only works if the amount is less then 25 EUR but still it is much faster then cash.
> Also, almost every store accept touch-pay method Definitely not the case in Berlin where cash is king, German bank cards work often, and credit cards are rarely accepted.
Pretty much every national chain, especially supermarkets, accepts credit cards. You won't have as much luck at owner-operated stores or restaurants. Berlin is probably the most card-friendly place in Germany by the way.
Re: Why Germans pay cash for almost everything
#214Earlier quoted context omitted.
That's because, as I was shocked to find out, most POS in the US don't ask for a PIN! Convenient indeed, until someone gets ahold of your card.
Americans are used to entering PINs on debit cards, but not credit. However, in my recent experience in Iceland & Germany, most POS don't ask for a PIN on credit transactions either. The only time I was asked for a PIN on a credit card was at a gas pump.
That however is because of your American card and not the POS systems usually not asking.
I have to verify any transaction over 20$ with my Swiss credit card for example. Even on contactless
Re: Why Germans pay cash for almost everything
#215Earlier quoted context omitted.
As a German a) I don't want to feed the Visa/Mastercard/Amex/Whatever leach earning a few cents of every transaction.
Not German, but I simply don't want to leave my trail of what I am spending and where.
I also think/thought like that.
But if banks wanted, they could actually track the serial codes on the bills around. And since often cash is used in only 1 hop (so ATM -> you -> shop -> bank) they could know pretty well where you spent your money.
A quick reference: https://news.ycombinator.com/item?id=9948081
E.g. about China: "According to schedule, by late 2015, the serial number of every Rmb100 note withdrawn from banks by members of the public can be traced."
Re: Why Germans pay cash for almost everything
#216Born in Germany to a Hessian mother, lived there twice for a total of 11 years. Left just before the wall came down (wish I had stayed at least for that).
In my experience, Germans have a strong debt aversion. Even the young did. My mom's friends would buy new cars by reaching into their purses and pulling out stacks of bills and counting them out in total. It never seemed anything other than weird to me.
"The slowest things to change are habits of thinking."
Re: Why Germans pay cash for almost everything
#217Use of credit cards in the US really took off in 1980 when interest rates were deregulated[1], credit cards were then heavily promoted. I remember at that time, to use a credit card in a grocery store had a social stigma. But now, many people here rarely use cash. What are the credit card interest rates in Germany? (In the US credit card interest rates can be 20-30%). Maybe there's less incentive to promote use of ca…
I don't even know what is the rate on my credit card. I use it all the time. I just pay back the full amount every month. I think that's the best way to use it. You don't need to carry cash. You don't need to pay interest.
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Re: Why Germans pay cash for almost everything
#218Earlier quoted context omitted.
As a German a) I don't want to feed the Visa/Mastercard/Amex/Whatever leach earning a few cents of every transaction.
Handling cash is not free either, it also comes with transaction costs.
But it's money spent on my government and not some American companies. Huge difference IMO
Re: Why Germans pay cash for almost everything
#219Born in Germany to a Hessian mother, lived there twice for a total of 11 years. Left just before the wall came down (wish I had stayed at least for that). In my experience, Germans have a strong debt aversion. Even the young did. My mom's friends would buy new cars by reaching into their purses and pulling out stacks of bills and counting them out in total. It never seemed anything other than weird to me. "The slowes…
>"The slowest things to change are habits of thinking."
As if amassing debt was something positive...
Re: Why Germans pay cash for almost everything
#220Earlier quoted context omitted.
As a German a.) I mostly pay cash because it's faster b.) some shops that can afford it only have cash payments to save on CC costs Not because of inflation or because something happend 100y ago.
As an american, I find it strange that cash is faster. Most people who pay cash need to wait to get the change back unless they know the total beforehand and happen to have exact change. In the US, credit card machines are very fast even the chip enabled ones. Cash workflow: - Cashier tells you the total amount - You look in your wallet/purse - You spend time counting exact change if you do have it - If not, you take…
I find the workflow with the new chip cards much less convenient to the point that I'm starting to prefer cash or Android Pay if it's available. Even though I lose the 2% cashback bribe.