In Germany, the motto “cash is king” has long been in place. However, the COVID-19 crisis has changed this. The World Health Organization (WHO) recommends avoiding cash whenever possible. In Germany, 39% of people opt for cashless payments to minimize the risk of infection.
Cashless payments in Germany
Many shops that previously only allowed cash payments are now even encouraging payment by card . Other shops no belgium telegram data longer accept coins or notes at all. On April 15, the German banking industry doubled the limit for card payments without entering a PIN to 50 euros per use in order to “support contactless payment as a hygienic payment method in the current situation.” In addition to card payments, payment by smartphone via virtual wallets is also increasing during the crisis.
A new Capterra study* with over 1,000 participants examines the extent to which payment preferences in physical stores have changed as a result of the crisis.
Highlights of the study
54% of Germans have a mobile payment app installed.
Regular payments via mobile wallet increased by 7 percentage points during the crisis.
Cash remains the most popular means of payment in Germany.
38% prefer to shop in stores that offer cashless payment rather than at competitors that do not.
More than half of Germans have installed a virtual wallet
A virtual wallet or mobile wallet app is an app that is installed on a smartphone or . The most popular cristina schmitz supervisor de apoio econômico – serviços sociais smartwatch. It stores payment card information and can be used for contactless payments. It is not a mobile banking app that can be used to make transfers, but rather an app for paying in stores.
A for Apple users and Google Pay for Android users. However, banks such as Volks- und lob directory Raiffeisenbank, Sparkasse and Postbank also offer apps for mobile payments.