More payments will be made through card than cash in Germany this year
German payment market faces historical changes. Source: pixabay.com
According to Euromonitor International, the total card payment transaction value in Germany is expected to rise by 28%, while cash transactions will drop by 34% by 2025.
This growing trust from consumers over their privacy around card usage also supports this trend.
Meanwhile, rising trust in security measures and assurances from issuers and merchants is strengthening the confidence as well.
Germans are set to become heavy payment card users by 2040, with an increase in their mobile device usage for payments.
We’ve reported that the UK’s spending in June started to grow, up 13% in May and by a further 11% in July to ￡598. That follows the dramatic fall in average spending on UK credit cards for January to May 2020 down 27% year on year.
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