Cash ade? How digital payment methods change our shopping behavior

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Bonn - Payment in retail in Germany develops quickly and shows a clear trend towards digital payment methods. A current postbank survey has shown that two thirds of consumers over the age of 18 pay contactless by using smartphones, smartwatches or NFC-capable banking and credit cards.

The change in the number habits

The “Postbank Digital Study 2024” illuminates the gradual decline in cash use in Germany. The study, for which 3,171 adults were interviewed, shows that the use of contactless payment methods has increased significantly since 2015. Less than 15 percent of the respondents stated in 2015 to pay contactless, while this share rose to 60 percent by 2022. During the same period, the number of people who want to pay contactlessly decreased.

younger generation ahead

The high acceptance of the so -called digital natives, i.e. people aged 18 to 39, is particularly striking. Here the use of contactless payment methods is 81 percent. In contrast to this, it can be seen that only 59 percent use this payment method for over-40-year-olds. Thomas Brosch, Head of Digital Sales at Postbank, explains: "The younger generations have much easier access to technological innovations and handle their finances more digital."

payment methods in comparison

Among 28 percent of the mobile payment applications, followed by Google Pay with 25 percent. Applications of your own house bank are popular with 16 percent of users. Further options include Payback Pay (14 percent) and specific dealer apps such as those of Netto, Edeka or Starbucks, which reach 8 percent. Samsung Pay is used by 6 percent.

overall social effects

The moving payment habits can have a significant impact on the entire society and the economy. The decline in cash use not only opens up new options for banks and retailers, but also raises questions about security and data protection. While an increasing number of consumers appreciates the practicality of digital payments, around 20 percent reject the use of modern payment methods and continue to be skeptical about the complete waiver of cash.

The ambivalent attitude to use of cash

The change away from the cash is a sensitive topic. 32 percent of the respondents support the abolition of cash, while 44 percent reject this development. This illustrates the division within society with regard to the acceptance of digital payment methods and the longing for traditional cash.

Overall, the current study of Postbank is a clear picture: digitization increasingly also captures payment transactions. The trend towards contactless payment is not only a technical development, but also has profound social and economic implications. While the younger generations are going, it remains to be seen how the payment behavior of older generations will develop.

- Nag