Consumer Insights Study on German Consumers’ Preferred Payment Methods
First Data released its first nationally-representative study of more than 2,000 German consumers. The study examines consumers’ preferred payment methods, as well as the key factors that influence the adoption of card and contactless payment methods, including security, accessibility and age. The findings span the entire population and compare national regions.
“Contrary to the traditional ‘cash being king’ mind set, our study reveals a definite shift in consumer preference to more convenient methods of payments, not only in Germany but across the wider DACH region,” said Jörg Brand, General Manager, Germany DACH at First Data. “Our findings underscore how flexible payment platforms, like Clover which was launched in Germany in 2018, align with merchant and consumer desires.”
Notable highlights of the study included:
● 42% believe contactless payments are more convenient, almost twice as many (22%) who view cash as more convenient
● 54% of consumers believe cash will become obsolete in a few years
● 52% of consumers, or more than half, prefer card payments, whereas 44% prefer cash as a payment method
● 61% agree that card payments will become increasingly available
● Bremen (32%), Hessen (33%), Baden-Wurttemberg (36%) and Thuringia (38%) ranked as the states with the lowest preference for cash as a payment method
For further details of our survey, please view our infographic below.