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Learn moreNov 2020
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In 2020, the economic ramifications of COVID-19 resulted in an abrupt reversal of the decade-long GDP growth in Germany. An important element of GDP, and therefore similarly impacted, is consumer expenditure by resident households, which, in turn, translated into an unprecedented decline in consumer payments.
Restrictions on large gatherings started from 13 March in Germany. Schools were closed, travel was restricted, and many of the country’s borders were closed on 16 March, with travellers returning to Germany having to self-isolate for 14 days.
Following the outbreak of COVID-19, the German economy posted the strongest quarterly GDP decline since World War II as a result of comprehensive lockdown measures and plummeting consumer confidence. In order to counter the economic decline, the German government agreed its largest ever stimulus programme, worth EUR130 billion.
Technological and digital developments in the German payment landscape in recent years laid the foundation for the dramatic shift in payment behaviour that occurred during the COVID-19 pandemic. The rapidly developing contactless near-field communication (NFC) payment infrastructure had already resulted in considerable growth of card payment transactions before the pandemic.
In 2020, the payments market in Germany remained concentrated, dominated by the savings banks in the Deutscher Sparkassen- & Giroverband (DSGV) and the cooperative banks in the Bundesverband der Deutschen Volksbanken & Raiffeisenbanken (BVR) on the card issuer side, and by Deutsche Kreditwirtschaft (DK), Visa and Mastercard on the operator side. Although traditionally slow moving as a result of this concentration and the cash-dominant payment landscape, the competitive landscape became increasingly dynamic due to shifts in payment behaviour resulting from the pandemic as well as overarching technological developments.
After the COVID-19 pandemic caused a significant decline in consumer expenditure by resident households, it is expected that the pre-COVID-19 levels of 2019 in terms of consumer payment transaction value will only be reached again in 2022 in current value terms. Although there remains great uncertainty about the economic recovery, it is likely that many of the habits formed during the pandemic will lead to permanently changed payment behaviour in favour of card and mobile transactions.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Germany with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Germany, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Germany market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Germany, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.