German consumers pay €1.3 billion per year for handling of cash

The total cost of handling physical cash in the German economy has been estimated at EUR12.5 billion per year, recent results indicate. The research shows that the largest burden is carried by merchants, with EUR 6.7 billion, followed by banks with EUR 4.5 billion and consumers with EUR 1.3 billion (€150/year per consumer).

The same source points out that cash costs add up throughout the whole cash cycle. So, with mobile payment a few heavy cost items can be eliminated (or at least lowered) like production costs, transportation costs, insurance costs, cash handling and security.

Article here

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