- Kantar Sifo conducted a survey on payment habits of 1,000 consumers on behalf of the PayTech company Nets/Nexi Group
- 40 percent of individuals aged 18 to 29 believe in a cashless society
- The majority prefer using cards or smartphones over cash
- Preference for digital receipts over paper receipts
Eschborn, November 10, 2022. The future of payments in Germany is smart and predominantly cashless, as demonstrated by the recent payment survey conducted on 1,000 consumers by Kantar Sifo on behalf of payment service provider Nets Group, in collaboration with Nexi Group, one of Europe's leading PayTech companies. "In the age group between 18 to 29 years, 40 percent believe in a completely cashless society. Only a good third of the age group still prefers cash in their daily lives - most prefer card payments or even their smartphones," says Robert Hoffmann, CEO of Nets Merchant Services and Concardis.
The reasons for their preferred payment methods were also surveyed: Simplicity, speed, and above all, not having to carry cash were the main arguments for cashless payments. The trend towards fewer banknotes and coins is not new, but the COVID-19 pandemic has accelerated it: "39 percent of those aged 18 to 29 have been using cash less frequently since the pandemic. This trend will further intensify in the coming years," says Hoffmann. "Young people, for example, are much more open to using new payment methods than older generations. For instance, 11 percent of the younger generation already prefer using smartphones for payment, while among other age groups, it ranges from 3 to 6 percent."
