Driving the evolution of digital payment in Germany by Visa Navigate
Evolution of digital payment in Germany
When European retailers looked to Germany, they discovered the strong emphasis Germans place on paying in cash. In 2017, according to the Bundesbank, this form of payment accounted for 74.3% of payments with 47.6% of amounts. (source)
The Covid-19 has had a significant impact on many aspects of daily life, including payment methods. In Germany, the bank payment landscape has also seen significant changes since the start of the pandemic. This report examines the evolution of bank payments in Germany since Covid-19, focusing on the trends and innovations observed.
In 2021, again according to the Bundesbank report, Germany has gone from 57.8% of transactions for 29.9% of amounts to the benefit mainly of the Debit card, which now accounts for 22.6% of payments compared with 18.9% in 2017, and credit cards, which have made a prodigious leap forward from 1.6% in 2017 to 6.2% in 2021.
Between the declining use of cash, the increased adoption of mobile payments, the growth of e-commerce, the sharp rise in payment innovation and the growing awareness of payment security, Germany is moving towards digital payments.
It is therefore interesting to understand. This is what this interesting article from Visa Navigate offers to its reader.
The NEPTING team