Contactless cards became particularly popular among Germans
According to Deutsche Bank’s report, nearly half of Germans are currently using cards more often than cash. This shift is apparent in common for all age groups, but especially for middle-aged people.
The data revealed that customers are waiving cash payments to avoid contact and protect themselves from infection. Nevertheless, about 1/3 of Germans haven’t changed cash use, whereas another 1/3 were already making the majority of their payments by card even before the pandemic.
The data highlighted that although being virtually unknown in 2017, 15% of customers already reported using their debit cards for contactless payments.
By the end of 2019, most Germans already had the option of contactless payment, accounting for 35% of all debit card payments. As of March 2020, that figure had risen to more than half.
We’ve reported that 40% of Brits have less than £1,200 in cash savings.