Earlier today, TSYS released its inaugural German Consumer Mobile Payment Study, containing valuable insights into key consumer mobile payment preferences and a range of relevant industry topics.
The goal of the report was twofold: 1) to investigate consumers’ current behavior; and 2) to understand how their attitudes and concerns could help predict future behavior.
More than 500 German consumers ages 18 and older, covering diverse demographics, including gender, age and income, were polled for the report. The findings have implications for the future of mobile payments and consumer adoption of the payment method globally in the coming years.
Key takeaways include differences in the way consumers view online and in-store mPayments, with security and brand trust emerging as key factors in adoption. More than 69 percent of respondents said they were interested in using mobile payments online if security and fraud protection of personal information were guaranteed by their financial institution. Meanwhile, 74 percent of respondents do not see security as a major benefit when using mobile payments in store.
The report also states that 69 percent of respondents were likely to use mobile payments for in-store purchases over the next two years. Meanwhile, when it comes to activating mobile payments on their devices, German consumers said they preferred bank branches over a mobile banking app.
Davide Richetta, involved in German business expansion for TSYS International, commented: “Our research has shown that German consumers expect in-store mPayments — those made at physical, bricks-and-mortar stores with mobile phones — to be an integral part of their shopping in [a] few years. In line with TSYS’ belief in people-centered payments, we continue to research how consumers’ payment choices are changing, and this report provides some insight into the growing importance of mPayments in Germany."