The use of electronic payment methods instead of coins and banknotes is becoming increasingly popular in Germany. According to a survey, the trust of older generations in these alternative payment methods is also growing. What else the survey shows.
In recent years, Germans have increasingly switched to making contactless payments. Mobile devices such as smartphones and smartwatches are increasingly being used for everyday payments. A recent Bitkom survey shows that almost every German occasionally pays without physical contact. Interest in legal regulations requiring the mandatory acceptance of electronic payment methods is also increasing. Where Germany stands now in this process:
Contactless payment is becoming common practice in Germany. According to a representative survey by the digital association Bitkom, 59 percent of Germans regularly use their smartphone or smartwatch to make payments at the cash register. Including traditional debit or credit cards, 98 percent of respondents occasionally use contactless payment methods.
The willingness to pay electronically is constantly increasing. Around 76 percent of respondents are dissatisfied if a contactless payment option is not available. Furthermore, 73 percent are of the opinion that there should be a legal basis that obliges shops to accept cash and electronic payments.
Electronic payment methods are also very popular among the older generation
It is noteworthy that the demand for electronic payment options is also high among the older generation. 72 percent of those over 65 believe that they should be able to pay contactless. 70 percent of this age group are in favor of corresponding legal regulation.
The frequency of contactless payment varies. 12 percent of respondents use this form of payment several times a day, 29 percent daily and 30 percent several times a week contactless. For payments with smartphones or smartwatches, 10 percent use this system several times a day, 15 percent daily and 19 percent several times a week.
Almost every German uses electronic payments within a year
This trend is independent of age. Among 16 to 29 year olds, 99 percent have made contactless payments in the past twelve months, and among 30 to 49 year olds, the figure is 100 percent. Among 50 to 64 year olds, 98 percent use contactless payment methods, and among those over 65, the figure is still 93 percent.
The COVID-19 pandemic has accelerated the use of electronic payments. 80 percent of Germans say they have used less cash in recent years. In addition, 62 percent of them expect to use even less cash in the future. However, 50 percent of respondents say they spend more money on electronic payments.
Dr. Ralf Wintergerst, President of Bitkom, underlines the advantages of electronic payment: “It is fast, convenient, secure and efficient for businesses. Freedom of choice when paying should be a matter of course everywhere.”
By (fski/spot)
