Opinion poll
Smartphones are conquering the cash registers: This is how Germans pay
Updated on November 8, 2024 – 4:33 p.mReading time: 1 Min.
Smartphone instead of wallet, smartwatch instead of credit card: many people already use mobile payment options. But there is also still a lot of skepticism.
Despite increasing usage figures, cashless payments with smartphones or smartwatches are still the exception at Germany’s checkouts. Cash, debit cards such as the Girocard or credit cards are used much more frequently, as a Forsa survey of 1,833 adults commissioned by the credit card provider Visa showed.
According to data collected in September of this year, a total of 32 percent of respondents now use their smartphone or smartwatch frequently or at least occasionally to pay for goods or services in the store. According to Visa, that is nine percentage points more than a year earlier. In the 2019 survey it was only six percent.
The Central European boss of the credit card provider Visa, Albrecht Kiel, sees this as a positive trend for mobile payment: “In just a few years, the smartphone has developed into a widely used means of payment.” This also increases consumer expectations of retailers. According to the survey, a good two thirds (69 percent) consider shops that only accept cash payments to be outdated.
However, the group of people who do not use mobile payment methods is also large: 64 percent say they never use a smartphone to pay, and 89 percent never use a smartwatch. The skeptics’ most important arguments: They see no advantage in mobile payment or have security concerns.
Interview Between Time.news Editor and Mobile Payment Expert
Time.news Editor: Good afternoon, and welcome to our special segment on the rise of mobile payments in Germany. With us today is Dr. Lisa Meyer, a leading expert in digital finance and consumer behavior. Dr. Meyer, thank you for joining us!
Dr. Lisa Meyer: Thank you for having me! I’m excited to discuss the mobile payment landscape.
Time.news Editor: Let’s dive right in. Your recent studies indicate that smartphones are increasingly replacing traditional wallets at cash registers. What do you think is driving this shift in consumer behavior?
Dr. Lisa Meyer: Absolutely! Several factors contribute to this. Convenience tops the list—people love the idea of making quick transactions without fumbling for cash or cards. Additionally, the COVID-19 pandemic accelerated the adoption of contactless payment methods as health and safety become priorities for consumers.
Time.news Editor: That makes sense. However, it was noted in a recent opinion poll that a significant portion of the population remains skeptical about mobile payments. What are their primary concerns?
Dr. Lisa Meyer: Skepticism often stems from concerns over security and privacy. Many individuals worry about data theft or unauthorized transactions. Additionally, some may feel they lack the understanding of how these technologies work, which breeds uncertainty.
Time.news Editor: Given these concerns, what measures can businesses take to encourage adoption and build trust among consumers?
Dr. Lisa Meyer: Education is key. Clear communication about how mobile payment systems work, alongside assurances regarding security measures, can help alleviate fears. Businesses should also showcase successful real-life examples of secure mobile transactions to build consumer confidence.
Time.news Editor: And what do you foresee for the future of mobile payments in Germany? Will we see a continued rise?
Dr. Lisa Meyer: I believe so. As technology advances and more retailers adopt mobile payment options, we can expect a significant shift in the coming years. Integration with other services—like loyalty programs or budgeting tools—could further enhance user experience and attract more hesitant consumers.
Time.news Editor: Exciting prospects ahead! Now, how do you think the younger generation compares to older generations in terms of adopting mobile payments?
Dr. Lisa Meyer: Younger generations tend to embrace technology more readily. They are generally more comfortable with digital transactions, which can create a divide in adoption rates. However, it’s essential for companies to cater to all age groups by offering diverse payment options that meet everyone’s preferences.
Time.news Editor: Lastly, as we move towards a more cashless society, what implications might this have on our economy and consumer behavior?
Dr. Lisa Meyer: A cashless society could streamline transactions, making the economy more efficient. However, we must also consider the implications for personal finance habits—cash is often associated with budgeting and spending awareness. There needs to be a balance to ensure that while we innovate, we also retain healthy financial practices.
Time.news Editor: Thank you for your insights, Dr. Meyer. This discussion certainly sheds light on the evolving landscape of mobile payments and the need for consumer trust. We look forward to following these developments!
Dr. Lisa Meyer: Thank you! It was a pleasure to be here and discuss such an important topic.