With nearly 29 billion debit and credit cards in circulation worldwide, cards power the digital economy. But as consumers warm up to alternatives, other payment methods such as domestic schemes, account-to-account transfers and mobile wallets are gaining traction.
In Germany, for example, digital wallets are an important payment method for consumers, 81% of whom own a smartphone, according to a study which assesses digital engagement using PYMNTS’ ConnectedEconomy™ Index (CE Index).
Published in collaboration with Stripe, the report also shows that Germany is also the most digital wallet–centric nation among the 11 countries surveyed, with 44% of all domestic online transactions using digital wallets, while 83% of all wallet transactions in the country use PayPal.
In fact, PayPal is the most used digital wallet in the country, where it accounts for 37% of all online transactions. Among the 5 EU countries studied, only Italy at 42.1% comes close to Germany in preference for digital wallets, while in France it represents only 19% of transactions.
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