Germany cards payments channel expected to grow due to changing consumer preferences and distinctive demographics.
The launching of the SEPA and e-SEPA systems in Germany has made the cards and payments market of Germany very attractive, which has motivated consumers to increase the use of cashless transactions. The implementations of EMV, MFC, mobile wallets, contactless payment systems, and mobile payments are also expected to encourage the growth of the industry. Unhindered by the economic slowdown and uncertainty in Europe, the cards and payments market in Germany has increased its market value both in terms of volume and the transaction value.
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The commencement of a prepaid car pilot project by the Deutsche Kreditwirtschaft back in 2012 was the beginning of the contactless cards framework of this market. McDonald’s, Esso, and Jet were some of the retailers which were chosen for this scheme back in the day. In the current there are a plethora of retailers related to contactless prepaid cards, which has made cash less attractive for customers.
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Market Growth Potential
The Sweden based developer of applications - Wrapp has launched an e-gift card, and its intervention in the market was primarily fueled by the growth opportunities prevalent in the Cards and Payments Market of Germany. The card has already proven to be a success in the countries of Russia and UK. The initial motive for the launching of Wrapp was to capitalize on smartphone users, connected with Facebook, who will now be enabled to purchase, redeem, and receive electronic gift cards on their devices and also from in-store merchants who are a part of this platform. The application is available on the IOS and Android systems.
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The Market in Germany is analysed geographically under the region of Europe. Germany accounts for one of the largest shares of the Europe Cards and Payments 2017, and is also showing robust growth in the market despite the economic slowdown. The government reforms taking place for the development of the card payments channel are expected to keep the market outlook stable in the coming future.
UK Cards And Payments Market: https://www.marketdataforecast.com/market-reports/UK-Cards-and-Payments-Market-6847/
Malaysia Cards And Payments: https://www.marketdataforecast.com/market-reports/Malaysia-Cards-and-Payments-Market-6934/
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