61% of adults prefer smartwatches, smartphones, cards, Google Pay and similar payment methods

Germans are increasingly turning their backs on cash payments. According to a YouGov survey commissioned by Postbank, around 61% of adults now prefer cashless payment methods in their everyday lives. Conversely, this means that only one in three consumers (36 per cent) still prefers to pay with cash.

Contactless payment

Contactless payment is particularly popular. This involves holding your debit or credit card, smartphone or smartwatch with the appropriate app close to the payment terminal. Almost half of those surveyed (45 percent) prefer contactless payment, and among 18- to 24-year-olds, the proportion is as high as 57 percent.

“During the coronavirus crisis, many people have found that it is quicker, easier and more hygienic to simply hold a card in front of the terminal than to count out cash. than counting out cash. They don’t want to give up this convenience,” explains Thomas Brosch, Head of Digital Sales at Postbank.

Older people swear by cash

Digital natives now take it for granted that they can pay with their smartphones and smartwatches – when shopping, in restaurants and when doing their weekly shopping. One in six people who prefer contactless payment say they hardly ever need cash anymore. Older people in particular still like to pay with cash: Just under 45 per cent of respondents over the age of 55 prefer to pay with cash – compared to just under 22 per cent of 18- to 24-year-olds.