Since 2019, the Payment Monitor has been a study commissioned by Visa and carried out by Forsa about payment behavior in Germany. 1,800 people in Germany took part in the representative online survey.
What was particularly noticeable this year was the increase in people paying with smartphones or smartwatches. This was 32%, last year it was only 23%, in 2019 – in the first edition of the study – only 9%. 45% of those under 36 use the option of paying via mobile device. Overall, 66% of those surveyed have at least once stored their debit or credit card on their smartphone and could use the option. However, half of those surveyed only use cash as a reserve. Only one in four people still prefer cash. “Germany is quickly catching up with digital payments. In just a few years, the smartphone has developed into a widely used means of payment,” says Albrecht Kiel, head of Central Europe at payment technology provider Visa. “This also increases consumers’ expectations of retailers. They value being able to pay with their preferred payment method everywhere.” 79% of those surveyed find it important to be able to pay with their preferred payment method everywhere.
In general, consumer behavior has changed due to the economic situation. 57% have reduced their spending or are planning to do so due to increased costs. 55% compare prices more often, 48% pay more attention to special offers. This means that Chinese online marketplaces are becoming more of a focus, but not necessarily among the youngest generation: Overall, a quarter of those surveyed have already ordered from Shein and Temu at least once. Among 36 to 45 year olds it is 37%, while those under 36 are only represented on the marketplaces below average at 20%
