First Data releases study on German consumers’ preferred payment methods

First Data has released its first nationally-representative study of more than 2,000 German consumers, examining consumers’ preferred payment methods.

The study reveals a shift in consumer preference to more convenient methods of payments, and the findings emphasize how flexible payment platforms align with merchant and consumer desires. Notable highlights of the study included:

• 42% believe contactless payments are more convenient;
• 54% of consumers believe cash will become obsolete in a few years;
• 52% of consumers prefer card payments, whereas 44% prefer cash as a payment method;
• 61% agree that card payments will become increasingly available.

Contrary to the popular belief that German consumers distrust card or contactless payments for security reasons, 63% of consumers indicate that they do not fear fraud or theft when making card or contactless payments.

The study also reveals that accessibility and availability are areas to focus on as card and contactless payments become more mainstream. When asked about accessibility of cashless payment facilities, 61% of German consumers indicate they expect such facilities to become increasingly more available in the near future. Only 28% of German consumers described themselves as being satisfied with the current level of contactless facilities available in their area.

Moreover, the study revealed that Generation Z (ages 18–24) in particular is the most trusting of cashless payment technology, with only 20% saying that they were wary of cashless for fear of theft or fraud, compared to 29% of the population aged 35–44.