Consumer Payments Country Snapshot: Germany 2016 report examines the consumer payments market in Germany, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the main regulatory players in the German market.
Despite a strong economy and high levels of financial inclusion, German consumers favor cash for the majority of their day-to-day spending. Payment cards are used sparingly at the point of sale (POS), and the German POS network is among the least developed in Europe. German consumers consider cash to still be the best available option due to a combination of ingrained consumer habits and the German cultural preference for spending within one’s means. As a result, alternative payment methods are sharply limited in both usage and consumer interest.
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Specifically The Report
- Analyzes consumer attitudes to financial services by lifestage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Germany are deploying these tools to meet customer needs.
- Explores the online payment market in Germany by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Less than 10% of German consumers held a revolving credit card in 2015, and of those 80% paid off their balances in full each month.
- German consumers’ preference for privacy have led them to favor online payment tools that allow them to pay without revealing their account information, meaning PayPal and Sofort are both popular.
- German consumers’ preference for cash is not tied to the convenience of its use – Germans prefer the anonymity, certainty, and above all control over personal spending afforded by cash.
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Reasons To Buy
- Understand the key facts and figures in the consumer payments market in Germany.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the German market and use this knowledge to inform product design.
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