Stay ahead of the curve and future-proof your business with Mintel’s Online Payment Methods Germany Market Report 2024. Our full report is packed with consumer-led market intelligence, trends for digital payments in Germany, and consumer behaviours affecting your industry. Get a 360° view of the online payment industry in Germany including the market size, share, and a growth forecast to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Topics Analysed in this Report
- A detailed outlook of the online payment industry in Germany, including market drivers and expert insights.
- Ways used to pay online in Germany, which methods are the most popular, and preferences depending on the value of the item purchased.
- Deciding factors for choosing online payment methods in Germany.
- Attributes associated with digital payments in Germany, e.g. perceived security, convenience, and availability.
- Consumer behaviours regarding online payment methods in Germany, e.g. the perception of the safety of buy-now-pay-later options.
- How your business can tap into opportunities to increase your share in the online payment industry in Germany.
An Overview of the Online Payment Industry in Germany
Paying for items prior to receiving them remains the most commonly used method in Germany. However, more flexible payment terms such as buy-now-pay-later options or instalment purchases play an important role for many Germans’ financial situation.
PayPal stands out in the online payment industry in Germany due to its perceived convenience, security, and availability, making it a popular of payment method in Germany.
Digital Payments in Germany: What Consumers Want and Why
- The Impact of Inflation on Digital Payments in Germany: German online shoppers show a considerable interest in flexibility, with 67% using different payment methods depending on the products they’re buying online. The reason behind this is the ongoing cost of living crisis and its impact on consumers’ household budgets that are pushing consumers towards greater use of flexible payments. High expenses of everyday life will further drive the popularity of buy-now-pay-later options in the online payment industry in Germany.
- Online Payment Methods Germany & Convenience: Convenience (especially in cross-channel shopping), which is particularly valued by younger consumers in Germany, will continue to boost the popularity of mobile wallets, which shoppers become increasingly familiar with. The linking of mobile wallets to cards will be increasingly common among younger consumers to make the use of giro, debit, or credit cards more convenient.
- Challenges for Online Payment Methods in Germany: Despite all the security regulations around digital payments in Germany, half of German consumers still worry about the security of online payments. This could lead many to be cautious about spending online, or to be cautious about buying from a brand they’re not familiar with. Additional security measures could help ease concerns, with 65% of German online shoppers thinking two-stage authentication makes online purchases more secure.
A Forecast for Online Payment Methods in Germany
- The familiarity of giro and debit cards will contribute to their evolution into a more modern and digital payment method. The increasing integration of debit card providers into mobile wallets will not only drive growth among younger consumers, but also help gain the trust of older consumers in Germany.
- Biometric authentications for digital payments in Germany will gradually become more mainstream and appeal to users who will, by then, have grown accustomed to a seamless checkout process as the standard.
To learn how to connect with your audience, purchase our Online Payment Methods Germany Market Report 2024 in full. Reveal lucrative innovation opportunities to help your business grow during times of financial uncertainty.
Products and Brands Discussed in this Report
Brands: PayPal, Amazon, IKEA, Klarna, Apple, and many more.
Products: Giro/debit card, credit card, mobile wallet, cryptocurrency, e-money, buy-now-pay-later, and more.
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Expert Insights on Digital Payments in Germany
This report, written by Lena Rittmann, Analyst, delivers in-depth commentary and analysis to highlight trends in the online payment industry in Germany and add expert context to the numbers.
Mobile wallets are set to surge in popularity due to the convenience they offer in mobile commerce and cross-channel shopping. However, older consumers in Germany are less keen to adapt to new payment methods.
Lena Rittmann
Analyst
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- Key issues covered in this Report
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EXECUTIVE SUMMARY
- Market context
- Mintel predicts
- Opportunities
- Graph 1: paying options used for online purchases in the last three months, by age, 2023
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MARKET DRIVERS
- The German economy
- Graph 2: key economic data, in real terms, 2019-25
- Graph 3: financial confidence index, 2022 – 23
- The future of shopping channels
- Payment methods in Germany
- Graph 4: number of cash withdrawals with cards issued by resident PSPs at resident ATMs, 2016-21
- Graph 5: value of direct debits and credit transfers, 2017-21
- Graph 6: value of e-money payment transactions, 2011-21
- Legislative and regulatory changes
- Digital threats to online payments
- Developments of AI in the digital customer journey
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WHAT CONSUMERS WANT AND WHY
- Online payment methods used
- Graph 7: payment methods used for online purchases in the last three months, 2023
- Graph 8: payment methods used for online purchases in the last three months, by age, 2023
- Preferred payment options for different value items
- Graph 9: payment options used for online purchases in the last three months, 2023
- Graph 10: paying options used for online purchases in the last three months, by age, 2023
- Factors influencing the choice of online payment method
- Graph 11: most important factors when choosing which payment method to use for online purchases, 2023
- Graph 12: most important factors when choosing which payment method to use for online purchases, by age, 2023
- Perception of different payment methods
- Graph 13: attributes associated with different payment options, 2023
- Behaviours regarding online payments
- Graph 14: behaviours regarding online payment, 2023
- Graph 15: whether consumers are worried that using buy-now-pay-later options will cause them to overspend, by age, 2023
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LAUNCH ACTIVITY AND INNOVATION
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APPENDIX
- Appendix – products covered, abbreviations, consumer research methodology and language usage
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