Survey: Trend towards cashless payment, especially among younger people

According to a survey, there is a trend towards paying without notes and coins, especially among younger people in Germany.

Survey: Trend towards cashless payment, especially among younger people

According to a survey, there is a trend towards paying without notes and coins, especially among younger people in Germany. The under-36s in particular are less and less likely to use cash: while 65 percent of this age group often paid in cash in 2019, it is still 35 percent this year.

"The confidence of consumers in Germany in digital payment continues to increase," said Albrecht Kiel, Head of Central Europe at credit card provider Visa, summing up the answers that Visa collected from almost 1,800 adults in cooperation with the opinion research institute Forsa. "They have learned to appreciate advantages such as speed and security during the pandemic. We expect that digital payment will continue to gain ground," said Kiel.

According to the information, almost all consumers (91 percent) in Germany now use contactless payment with Girocards and credit cards at the checkout at least occasionally. Three years ago it was just every second person (55 percent).

Pandemic made contactless payment more popular

Contactless payment is possible with Girocards and credit cards that have a so-called NFC chip. In addition, money can be transferred contactlessly with a smartphone or smartwatch with services such as Apple Pay and Google Pay or with banking apps. The data for processing the payment is exchanged in encrypted form with the terminal at the checkout when customers hold their card, smartphone or smartwatch close to the device. For small amounts, it is not even necessary to enter the secret number (PIN).

During the corona pandemic, this type of payment was advertised in retail for reasons of hygiene.

Nevertheless, according to the survey, 87 percent of those surveyed frequently or at least occasionally use cash to pay for goods or services. However, according to their own statements, one in five (20 percent) avoids shops where payment cannot be made by card or digitally.

Almost three quarters (72 percent) of those surveyed expressed the expectation that in five years it will be everyday life in Germany to pay by smartphone or smartwatch at the checkout. A good half (51 percent) thinks that it will then no longer be commonplace to pay with cash. 40 percent, on the other hand, cannot imagine saying goodbye to notes and coins by then, and 9 percent are undecided on this question.

Regardless of how the payment is made: It is almost equally important to people that it is quick (65 percent) and that they have a good overview of their expenses (61 percent).

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