Mobile Payments on the Rise, Even Among Seniors in Germany 🇩🇪
Growing number of individuals rely on smartphones or smartwatches for transactions; seniors included - Smartphone and Smartwatch Payments Gaining Popularity Amongst All Age Groups, Reveals Survey
It's not just youngsters who love the convenience of mobile payments these days! Take a wild guess, and you might think the younger generation is the one leading this digital charge. But surprise, surprise! Seniors are catching up real quick!
The data doesn't lie: a staggering 81% of 16- to 21-year-olds use these trendy payment methods, but wait until you hear about the seniors - yes, seniors, those aged 65 and above! In disbelief? Well, buckle up, because 29% of those silver-haired sages now have their smartphones on standby at the checkout. That's quite the leap considering that just last year, only 18% of seniors were swinging into the contactless payment zone, and a mere 11% as of 2022.
Now here's a fun fact: if we toss in credit or debit cards into the mix, a whopping 98% of folks in Deutschland occasionally opt for cashless transactions. Incredibly, 11% of them groove to the cashless beat multiple times per day.
Now, don't think these numbers are just plucked out of thin air, not unless you think water is wet! This data is the result of a survey conducted by Bitkom during February and March, polling 1004 people aged 16 and over in Deutschland. So, you can bet your life savings on this one being highly representative.
Now, to put things into perspective, let's dive a little deeper into the world of contactless payments and seniors in Germany.
Globally, it's no secret that contactless payments are the new black. What's fueling this shift? Speed and security, baby! That's right, the convenience offered by mobile wallets and QR code usage has young and old alike hopping on board the cashless train.
As for Germany, it seems their commitment to making digital services accessible to everyone is playing a significant part in this shift. With the European Accessibility Act scheduled for implementation in 2025, we can expect an even bigger push towards inclusivity, which could encourage more seniors to embrace contactless payments.
The younger generations, such as Gen Z and millennials, have shown a clear appetite for mobile wallets. However, even the older generations are flexing their digital muscles, with growth occurring all over the globe. Aside from a dedicated study, the numbers for seniors in Deutschland are yet to be uncovered. But one thing's for sure, we haven't heard the last of this growing trend among our silver-haired friends!
Sources:
- https://www.statista.com/statistics/871266/global-market-share-non-cash-payments/
- https://www.bcg.com/en-eu/publications/2020/checkout-free-retail-the-rise-of-the-frictionless-customer-experience.aspx
- https://www.nomisma.eu/en/nomisma-report/mpayment-2021-new-data-on-customer-dynamics-cash-and-digital-payments-in-Italy
- https://www.paypers.com/digital-payments/us-smartphone-payments-market-to-amass-1-trillion-by-2027/
- https://www.bsi.gov.uk/about/legislation/accessibility-act
I'm always asking: What percentage of seniors in Germany are using smartphones for shopping, and how does this number compare to the global adoption rate of smartphone payments among seniors?
More people, including seniors, are increasingly embracing a lifestyle of gadgets, with a boom in technology like smartphones and smartwatches, as they find convenience in using them for everyday tasks, such as mobile payments.
Smartphone technology has greatly impacted the shopping habits of seniors in Germany, as they are rapidly adopting contactless payments, indicating a shift towards a cashless lifestyle with an increasing number of seniors utilizing smartphones and other gadgets for digital transactions.
