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What are the most popular online payment methods in Germany?
Data from our Regional roundup 2021: Germany report shows the most popular online method in Germany is online payments, such as PayPal and Amazon Pay (75%), followed by invoice (64%), debit card (56%), credit card (40%), prepaid cards and vouchers (30%).
Cash payments popularity in Germany
Germany has been a traditionally cash-forward country, and in 2020 this statistic did not change. According to Deutsche Bank Research, in 2017, Germans paid with cash for most of their purchase transactions – 74% by number and 48% by value. In 2020, 84% of German consumers paid with cash at the point of sale.
On top of that, in a 2018 Bundesbank report, 88% of Germans expressed their unchanged preference for cash payment, strongly rejecting the idea of abolishing cash or limiting its use. In the 2020 Bundesbank survey, the importance of cashless payments, especially cards, grew considerably. By late April 2020, Germany’s contactless limit increased to €50, and 43% of more than 5,000 respondents said they had changed their payment behaviour. 68% of the respondents who changed their behaviour were more likely to pay with a card.
Card payments in Germany
According to Global Data, charge card payments are forecasted to increase by 48% from €117.6 million in 2019 to €174.7 million in 2024. This is compared to a 44% increase in credit card payments. Charge cards are credit cards that must be paid in full when a statement is issued. Debit card payments are set to see the smallest increase in transactions, increasing only 14% from €619.1 million in 2019 to €704.5 million in 2024. Clearly, the sheer volume of money signifies debit transactions are a staple card payment option for German consumers. The predominant debit card share of transactions in 2019 was split between food and drink (23%), clothing and footwear (15%), motor fuel (11%) and electrical goods (9%).
Surprisingly enough, card payments only surpassed cash payments in 2018. The Cologne-based EHI Retail Institute reports that consumers' card payments accounted for 48.6% of total retail sales, overtaking 48.3% of cash payments. Indeed, in 2017 there was an upsurge in contactless card payments, which went up for the first time to over 1%. In December 2019, contactless transactions accounted for 35% of all debit card payments. But by late March 2020, that figure had increased to more than half, according to Deutsche Bank Research.