DÃSSELDORF, Germany – (COMMERCIAL THREAD) – More payments will be made by card than cash in Germany in 2020, according to global market research firm Euromonitor International, a first in the history of the German consumer payments market.
According to the white paper “The German consumer: Changing rapidly amid the crisis”, the total value of card payment transactions in Germany is expected to increase by 28%, while cash transactions will fall by 34% in 2019-2025.
âIn response to the COVID-19 pandemic, German consumers have shown a sharp change in their payment behaviors, increasingly using card payments rather than cash for hygienic reasons. An increasing number of them have also started to use the contactless card function and smartphones for mobile payments for the first time, âanalyzes Ratna Sita, head of DACH research at Euromonitor International.
This trend is also supported by the growing confidence of consumers in their privacy regarding the use of cards. Growing confidence in security measures and insurance on the part of issuers and traders is strengthening consumer confidence. At the same time, the improved convenience over card payments without PIN and signature is becoming more popular. German consumers are expected to become heavy users of payment cards by 2040, with an increase in the use of their mobile devices for payments.
âCOVID-19 has accelerated the change in consumer behavior towards payments. In the future, the average German consumer will be older, more technologically savvy and more open to new experiences, a change from the more conservative behavior of the past, âconcludes Sita.
To download the free report, visit: http://bit.ly/GermanConsumer_EMI
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