German consumers are "substantially more cash oriented" than those in other developed countries, according to a working paper published by the Netherlands Bank earlier this week.

In Cash management and payment choices: A simulation model with international comparisons, Carlos Arango, Yassine Bouhdaoui, David Bounie, Martina Eschelbach and Lola Hernández observe that, despite various payment innovations, cash is still "heavily used" for low-value purchases.

Theory states that people may hold cash