Contactless Girocard Payments Rocking Germany's Retail Scene
Contactless Girocard Payments Show Significant Increase
Got your wallet ready for that shopping spree? Think again! With the latest buzz in town, it's time to ditch those bulky wallets and embrace a more hassle-free and hygienic shopping experience. Euro Kartensystem GmbH, a joint venture of the German banking industry, has announced the rampant popularity of contactless payment, and it's here to stay!
Contactless pay is no longer a novelty; it's become the norm in our everyday lives, securely cemented in its high-rolling position. In the first half of the year, a whopping 74.3% of all Girocard payment transactions cried for speedy contactless processing, up by a toothsome 10 percentage points from the year prior. This explosion in popularity means contactless payment will continue to dominate all future developments, according to the company.
But what exactly is contactless payment, you ask? Simply put, with contactless Girocard—formerly known as the EC card—all you need to do is give the reader a quick flash (no PIN input required for smaller amounts), and you're done! During the COVID-19 pandemic, consumers flocked to contactless payments thanks to hygiene concerns. Adding to its charm, the Girocard is accepted widely in German retail, with banks and savings banks dispensing around 100 million cards to their customers.
Before you let your mind wander, take a quick look at the statistics that prove the growing might of contactless Girocard payments: In the first half of the year, the card was used in about 3.17 billion payment transactions, marking an impressive 17.1% increase compared to the previous year. The total turnover surged by 17.9% to a staggering €134 billion. To top it off, the number of electronic cash registers in retail where Girocard can be used eclipsed one million, an increase of around eleven percent compared to the first half of 2021.
Now, as digital nomads, we know you're passionate about e-commerce. So, hold onto your seats, because contactless Girocard payments are taking center stage in the digital world, too! The focus is on making this payment method as seamless as possible across all platforms.
International card schemes like Visa and Mastercard have tried to muscle in and nibble at Girocard's market share, but contactless payments are gaining prominence thanks to an insatiable hunger for speed and convenience. Keep an eye on the oncoming wave of digital wallets, particularly among the younger generation. This trend could redefine the payment methods in Germany, potentially integrating more contactless features into digital wallets for an even snazzier shopping experience.
Here's the kicker: As security and convenience become priority number one, there's a growing demand for payment experiences that don't miss a beat. Contactless Girocard payments offer the perfect mix of both, setting them up for a dramatic entrance in the e-commerce ring. To stay a step ahead of the competition, contactless Girocard payments will need to integrate with new technologies, like mobile payments and digital wallet services, to offer users a flawless payment experience across all platforms.
In essence, while Girocard faces tough competition from international brands, the allure of speed and convenience in both offline and online transactions could help contactless payments seize the spotlight and build an empire of its own. Embrace the revolution, and let checkout counters be a thing of the past!
[1] https://www.statista.com/statistics/891523/germanys-contactless-payment-market-size/[2] https://digitalmarketoutlook.com/germany/[3] https://www.statista.com/statistics/890556/germanys-e-commerce-turnover/[4] https://www.emarketer.com/en/content/germanys-growing-e-commerce-market-fueled-by-store-closings-and-lockdowns
- As more people adopt a digital lifestyle, contactless finance through Girocard payments is becoming increasingly popular, with technology playing a significant role in streamlining transactions in both offline and online retail environments.
- In the realm of e-commerce, contactless finance is moving to the forefront, integrating with advanced technology such as mobile payments and digital wallet services to provide a seamless, hassle-free payment experience for users across various platforms.
