The launch of Apple Pay in mid-December shows once again that Germans appreciate mobile payment. A study by the trade research institute EHI predicts a great future for the smartphone as a means of payment.

At present about half of the retail turnover is paid in cash. Often still with the EC card. But numerous other methods are in the process of making payment even easier and more convenient. The EHI Retail Institute reports that contactless payment by card has been used more and more for about a year now – now in every tenth transaction. The next step is mobile payment. The payment details are stored in the smartphone. The wallet is therefore superfluous. “But there is a great need for information – both for merchants and for consumers, who are presumably confused by the many different mobile payment solutions in Germany,” explains Horst Rüter, payment expert at EHI. Data protection is an important issue here – around half of the consumers surveyed by the EHI have reservations about this. It is therefore not surprising that conventional payment service providers perform best when it comes to trust. Three-quarters of consumers see banks, savings banks and credit card providers as trustworthy partners.

Mobile payment is interesting for customers for amounts of all sizes

A total of 36 percent of respondents were open to mobile payment options. This corresponds to around 20 million consumers in Germany. Acceptance by customers is one side of the coin. On the other hand, retailers also have to choose certain systems and providers for mobile payment. EHI and its partners have founded the Mobile Payment Initiative for this purpose. It aims to provide merchants with information on various processes, systems and technologies. The aim is to enable retailers to implement mobile payment solutions that are optimal for their customers at all times. After all, it is important for the consumer that the payment process is quick and easy. “This has already been demonstrated with contactless payment,” says Horst Rüter. The EHI has also investigated what amounts consumers would pay with their smartphone. Of those surveyed, the vast majority of consumers (63 percent) would pay each sum with their smartphone. It is important for them that the mobile service is free of charge.

Apple Pay is the latest addition to the mobile payment market

The youngest child in Germany has started with great attention in the area of mobile payment. Since 11 December, consumers at several hundred thousand locations in Germany have been able to pay with Apple Pay via their Apple devices such as the iPhone or Apple Watch. Among others, Esprit, Tchibo, S.Oliver and Aldi will be there. Jennifer Bailey, Vice President of Internet Software and Services and Apple Pay at Apple, said at the start: “We are pleased to bring Apple Pay to Germany today in order to offer a simpler, faster, more secure and more confidential payment option with iPhone and Apple Watch. We believe consumers will love the speed and convenience of using Apple Pay. Apple Pay now operates in 26 markets worldwide with over 5,200 banking partners.”

 

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Link: The EHI Retail Institute asked consumers about mobile payment.

Image: Apple

//KH