Girocard Faces Digital Future as Young Germans Prefer Mobile Payments
The girocard, Germany's trusted debit card for 35 years with 100 million issued, faces a digital future. A majority of young consumers prefer mobile girocard payments, with 70% naming it the method of the future. The Initiative Deutsche Zahlungssysteme e.V., promoting cashless payments, gains political support.
The Initiative German Payment Systems e.V., active for nearly two decades, has seen a shift in consumer preferences. Half of Germans and 37% of 16-29 year-olds support mandatory credit card acceptance in shops and restaurants. Every third person expresses annoyance at 'cash only' policies. The Union (CDU/CSU) and SPD are close to meeting this demand, aiming to ensure widespread credit card acceptance in retail and gastronomy. In five years, around three quarters of respondents expect to use the girocard most frequently.
The Initiative, based in Berlin and involving various financial institutions, works to promote cashless payment systems aligning with German banking industry practices. Mobile payment, particularly the digital girocard on smartphones or smartwatches, is increasingly popular among young consumers.
The future federal government, backed by the Initiative German Payment Systems e.V., is set to expand credit card acceptance in everyday shops. This move aligns with the clear demand of the German population, particularly the younger generation, who prefer digital payment methods alongside cash.
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