Germany’s Moderate Approach to Digital Payments

04 Nov, 2020 . 4 minutes



Germany, with a population of 82.7 million, has great potential growth in digital payments. This market was worth around 73 billion in 2019.

Germany’s moderate approach to cashless payments is due to growth in digital wallets and cards. Digital wallets are the preferred payment method, according to J.P. Morgan's Global Payment Trends 2019 report.

With an increasing number of mobile app users, annual growth rate in Germany’s digital wallets is expected to reach 22.5 percent per year and will gain approximately 28 percent of the market by 2021. Meanwhile, the rate of card penetration in Germany is 0.52 per capita. Cards contribute 13 percent of the payments market. Statista reports Germany’s total transaction value by 2020 will reach 112.86 million euros. Transactions are expected to show a 5.4 percent annual growth rate and reach 132.12 million euros by 2023. It is certain digital payments in Germany will continue to evolve.




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