Cash is Still KING

 
 
 
 

Vocabulary

cash	consumer	drastically
except	cashless	imagine (2)
intense	note (2)	encourage
prefer	loads (2)	maintain (2)
wallet	payment	autonomy
respect	common	to get used to it
willing	give it up	anonymity
cause	average	psychology
fear	across (2)	carry around
offer	mentality	transaction
profit	dominion	practicality
coin	rip off (2)	for instance
worry	switch (2)	skepticism
case (3)	collect (2)	card reader
option	portable	more likely
notice	donation	give/gave/given
weird	eliminate	buy/bought/bought
decide	reflect (2)	make a difference
join	non-profit	institution
age (2)	admission	particularly

 
 
 
 
 

Video: Cash is Still King

 
 
 
 

Transcript

Across Europe, many consumers are increasingly using digital payment methods — except the Germans. More than half the country’s population can’t imagine going completely cashless, far more than the European average.

Germans still want people to show them the money.

Resident One: “I’m worried that it’s easier to get ripped off when you use cards. I prefer to have money in my wallet.”

Resident Two: “It’s weird in Berlin; you have to use cash for everything.

Resident Three: “I pay by card all the time. But in Germany, it’s not so common. So you should have cash.

I think it’s the mentality or the way people think. I respect that because I think it’s always nice to have some money in your pocket.

But when I first came to Germany, it took me some time to get used to it.”

Journalist: “Do you take cards?”
Bartender: “Unfortunately, no.”

Paying cash maintains anonymity, which is perhaps why Germans are so unwilling to give it up.

Business psychologist, Erich Kirchner has been studying the popularity of cash payment in the German speaking world, and it’s causes.

Erich Kirchner, Business Psychologist: “There’s an intense fear among us: cash is being drastically reduced or eliminated.

We don’t want others to have dominion over us. We want autonomy. We want freedom. And the practicality that cash offers.”

But Germans are slowly getting used to cashless payment methods; 2018 was the first year when more transactions were done by payment card than in cash. But each German has around one-hundred euros in their wallet.

That reflects their skepticism.

And it seems to be a particularly German skepticism. Many in Britain for instance don’t carry any cash at all. They’re increasing paying without paper notes or coins, like here at a market in London.

Even street performers are starting to switch from coin collected in a guitar case to cashless payment methods.

For instance, Patrini has been busking in London for two years, and always has his portable card reader with him.

He says the cashless option makes people more likely to give him donations or buy his CDs.

Francis Petrini, Busker: “A couple of years ago, I noticed that loads of people were not carrying around cash. I decided to buy a portable card reader. And that actually gave me a big difference in my income.”

Even Britain’s non-profit institutions are joining the cashless age: admissions to the Tate Modern Museum is free, but visitors are encouraged to make a donation, which they can now do just by tapping.

 

 

Questions

1. All nations are fully embracing cashless and electronic payments. True or false?

2. Many Germans pay in cash because the country lacks the infrastructure for e-payments. Is this right or wrong?

3. Do many visitors experience “culture shock” in Berlin regarding purchasing in stores?

4. Why do many Germans and some other people prefer purchasing in cash?

5. Will Germans never, ever submit to electronic payments? Will they only pay by cash, forever?

6. The British share many German’s skepticism for e-payments. Is this correct or incorrect?

7. Do only shops conduct e-transactions?

 

A. How do people in your country purchase products and services?

B. Has this changed over the years? Are there regional and demographic differences?

C. What are the advantages, benefits or pros of e-payments and transactions?

D. Are there drawbacks, disadvantages or cons of a cashless society?

E. What might happen in the future?

F. What if anything, should people and governments do?