A network of shops and businesses in western Germany are hoping to clear their tills of small change as part of an initiative starting Monday to phase out 1
Participating retailers in the town of Kleve, situated near the Dutch border, will begin rounding up or down the price of purchases to the nearest 5 cent, in the first case of its kind in Germany, according to the German Trade Association.
Transactions requiring the euro currency's two smallest denominations have simply become too expensive, said Ute Marks, head of Kleve City Network. Bank fees for coin rolls can be a significant cost factor for small businesses.
Over 800 businesses have joined the initiative in the town of 50,000 people, following in the footsteps of eurozone neighbour the Netherlands, where rounding up and down prices has been common practice for years.
Prices will only be changed with the consent of the customer and the new measures do not apply to card payments.