German consumers can be fairly conservative, but they’re now catching on to the advantages of paying for purchases without physical money.
A study published in May by consulting firm Oliver Wyman found that the frequency of cashless purchases more than trebled between mid-2017 and early 2019: from 15 to 47 percent. Paying with smart phones is also on the rise, with 25 percent of Germans saying that they had paid for purchases using their mobile phones.
Much of the shift in behavior can be attributed to two prominent cashless payment apps.
“With the launch of Apple Pay and Google Pay, we’ve seen clear changes in people’s payment behavior,” says Oliver Wyman partner René Fischer.
In one respect though, Germans have remained conservative, preferring to use debit rather credit cards.