Customers in Germany prefer cash over any other payment method at the POS, as was shown above. According to the latest data by EHI Retail Institute, German customers preferred to pay most of their purchases (78%) in cash last year. Cash payments amounted to approximately half of the total retail revenues (51%) in 2016, compared with 62% in 2015 and over 80% ten years ago. In Sweden, by comparison, only approximately 20% of all payments in shops were made with cash.
The following data gives an overview of changing consumer trends in Germany which can potentially favour the development of mobile payment:
- The number of smartphone users in Germany increased from 30 million in 2013 to 49 million in 2016 and is forecast to increase further to 62 million by 2021
- The potential of mobile commerce and the increasing turnover with mobile applications (apps) in Germany can be seen as an important driver of mobile payment. 2015 was the first year when turnover with mobile apps in Germany was expected to be in excess of one billion euros.