Competition between established and new payment methods opens up additional alternatives for customers. Banks are trying to counter the growing importance of digital groups.
German consumers are considered cash fans, but are increasingly using other means of payment as well. Although banknotes and coins are still the most popular means of payment – 80 percent use them frequently, according to surveys conducted by the opinion research institute YouGov.
According to 58 percent of the respondents, more than half use the online payment service Paypal for purchases on the Internet. The Girocard, also known as EC card, takes third place. 41 percent of respondents said they use it frequently.
However, the frequency of use is not the only decisive factor for the economic and social importance of a means of payment. The amount of processed volume and the qualitative significance of the respective transaction must also be taken into account.
The use of other payment services such as Payback Pay (8 percent), Google Pay (4 percent) and Apple Pay (2 percent) is also gradually becoming statistically noticeable according to the data.
Depending on the payment method, consumers appreciate different functions. Respondents cited speed, familiarity and security as positive characteristics of cash. Consumers perceive payment by giro or credit card as convenient and fast. However, only a quarter of respondents (26 percent) consider this payment method to be secure, according to a survey conducted on behalf of the consulting firm BearingPoint.