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Whilst cash remains king in Germany, the move to digital payments has started and provides banks with a unique opportunity to stay ahead.
- Strong indicators show that transformation is happening as German consumers are increasingly becoming more comfortable with new, mobile-centric payment methods that potentially could drive a shift in Germany towards a cashless environment.
- Banks are well placed to offer consumers new and different forms of payments, but the sector must evolve before it’s too late or risk losing customers to challenger banks, fintechgroups and third parties including new entrants to the sector such as the digital giants and luxury brands.
- Navigating the complexity of the changing payments landscape can be challenging and the financial sector needs support on this journey. Mastercard and Vocalink have extensive experience in the payments sector and are able to support the German financial community during this period of change with secure and efficient payment options.
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