Cash instead of digital

Demand for the right to pay in cash

Digital payment methods continue to gain ground throughout Europe. "Cash" is no longer accepted everywhere. At the same time, the supply of cash is not guaranteed everywhere. In small towns in particular, there is often not even an ATM.

Just hold out your card or cell phone at the till and the bill is paid - quickly and without having to search for change. Digital payment methods are on the rise throughout Europe. In Holland, for example, you can no longer pay with cash at some pharmacies.

Lack of overview leads to debt trap
As convenient as the contactless method is, it still carries the risk of losing track of how much has been spent. The fact is that online purchases are increasingly becoming a debt trap, explains Deputy Governor Astrid Eisenkopf. What's more, data on shopping behavior can be collected during digital shopping. What happens to the data is often unclear.

Choice must remain possible
This is why Eisenkopf and the Oesterreichische Nationalbank (OeNB) are increasingly campaigning for the preservation of cash. Among other things, they are calling for a cash acceptance obligation. "We must not allow cash to be displaced," emphasize Eisenkopf and Matthias Schroth, Director of the Cash Department at the OeNB. The choice must be retained.

Eisenkopf and Schroth advocate the preservation of cash.(Bild: LMS)

49 municipalities without ATMs
The supply of cash is a key issue, especially in rural areas. According to Eisenkopf, Burgenland is quite well positioned here: "Nevertheless, there are 49 municipalities, especially small towns, that have neither an ATM nor a bank branch. On the part of the state, we are counteracting this and supporting municipalities in ensuring the supply of cash."

However, the federal government is also called upon to take more measures to ensure that "cash" has a future.