BERLIN / LONDON (IT BOLTWISE) – A clear trend is emerging in Germany: more and more consumers are turning to digital payment methods such as smartphones and debit cards. A recent survey shows that almost half of those surveyed now only see cash as an emergency solution, while the acceptance of card payments in stores continues to increase.
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The digitalization of payment transactions in Germany is progressing inexorably. More and more consumers are preferring to pay for their purchases using their smartphone or debit card, accelerating the decline in cash use. This development is supported by a recent survey by the payment service provider Visa, which shows that almost half of those surveyed only carry cash with them as a backup in case digital payments are not possible.
A notable aspect of the survey is that 71 percent of respondents would prefer all stores to accept card or mobile payments. The younger generation under 35 in particular shows a strong preference for digital payment methods, with over 30 percent avoiding stores that only accept cash.
The debit card has established itself as the preferred payment method among Germans, which is the case for the first time since the survey began. 38 percent of respondents prefer debit cards, while the proportion of cash users has fallen to 27 percent. Paying via smartphone, which is preferred by almost a quarter of those surveyed, has more than doubled in the last five years.
The younger generation, especially Generation Z, is significantly driving the trend towards smartphone payments. For this age group, smartphones top the list of preferred payment methods at 42 percent, followed by debit cards and cash. Despite the traditional popularity of cash in Germany, there is a significant decline: the Bundesbank recorded a decline in payment transactions processed in cash to 51 percent in 2023.
However, there are reservations about newer forms of payment such as real-time transfers. Over half of respondents expressed concern because this method does not allow for chargebacks, limiting its use. These concerns could be due to the lack of ability to reverse transactions, which affects trust in this payment method.
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