“In response to the Covid-19 pandemic, German consumers have demonstrated a rapid change in payment behavior, increasingly using card payments instead of cash for hygiene reasons,” the study said.
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Consumers in Germany have stubbornly stuck to the use of cash, although shoppers in other countries have been actively pursuing non-cash payments in recent years.
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However, with the spread of Covid-19, Germans have become more willing to avoid touching banknotes and coins.
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At the same time, the German government has accelerated this transition by doubling the limit for contactless payment transactions to € 50.
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Euromonitor forecasts that the volume of payment card payments in Germany will increase by 28% by 2025, while the volume of cash transactions will decrease by 34%.
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