Eschborn, 15 December 2020. "The latest analysis of transactions by Concardis and Nets member merchants involving debit and credit cards shows that consumer behaviour in Europe has changed dramatically in recent months. If we take contactless payment as a reference value, the Scandinavian region and the German-speaking countries have reached a very high level," says Robert Hoffmann, CEO of Concardis and Nets Merchant Services. Today the proportion of contactless payments by card or smartphone is between 61 and 87 percent. But not only is the share of transactions via NFC increasing, in some cases the proportion of sales has also doubled.
The DACH region has especially high growth potential
"We see a fast developing trend here and are therefore at a turning point in European payment," says Hoffmann. An evaluation by the European Central Bank (ECB) published at the beginning of December shows that at the end of 2019, at 73 percent, cash was still the most frequently used means of payment in the euro area, especially for smaller amounts at the shop checkout, but it is steadily losing importance. In terms of sales volume, 48 percent have already paid more cashless than with coins or bills. In addition, according to the ECB study, four out of ten people paid less frequently with cash during the Corona pandemic and want to continue doing so in the future.
"Many long-held reservations about cashless and contactless payment have been permanently overcome, which opens up new perspectives and offers great further growth potential for digital payment – especially in the DACH region," says Hoffmann.