Soaring Trend: Seniors Across Germany Embracing Contactless Smartphone & Smartwatch Payments—Even the Oldest among Us
Growing Trend: more individuals, even seniors, are opting for mobile payments using smartphones or smartwatches. - Increasing Usage of Mobile Devices for Payments: Even Senior Citizens Are Embracing This Trend
Here's the scoop:
- 81% of 16-21-year-olds have hopped on the contactless payment bandwagon, but it's not just the kids?even seniors aged 65 and above are getting in on the action. In 2022, only 11% wereUsing their smartphones to pay, and last year a mere 18% were doing so. But in the latest survey, conducted by Bitkom in February and March 2023, 29% of seniors have started using their mobiles to make purchases.
- What's more, 98% of all people in Germany are tapping into cashless payments from time to time, with 11% doing so several times a day.
The survey polled 1004 individuals aged 16 and older in Germany by phone, making the results representative of the population.
But why the sudden interest among seniors, you ask? Here are a few factors that might be influencing this shift:
- Mobile Payment's expanding reach: While mobile payments are gaining traction in Germany, it's worth noting that adoption among seniors may trail younger generations. Apple Pay and Google Pay are popular mobile payment platforms, but their widespread use requires a level of technological know-how that could be a hurdle for some seniors.
- Digital Literacy and trust: Familiarity and trust in traditional payment methods may persist among seniors, as studies have shown that cash remains crucial for reliability and inclusivity for this age group.
- Fintech and Retail Solutions: Fintech companies like Bluecode and paydirekt offer cashless payment services, but they've yet to make a significant impact among the general public, including seniors. Retailers like Starbucks and EDEKA offer loyalty-based solutions, but their coverage is presently limited to their stores.
- Demographic Trends: Cashless payments are on the rise across generations, but the rate may be more gradual in Germany. In some countries, cash still prevails as a preferred method for many seniors.
Now that you're all caught up, it's clear that cashless payments are here to stay. As the trend continues to see impressive growth, it's fascinating to see seniors, traditionally known for their attachment to good old-fashioned cash, embracing the future of payments. Education and user-friendly interfaces could be the keys to further boosting adoption among this group.
I'm always asking: Are more seniors in Germany also adopting the use of gadgets like smartphones or smartwatches for contactless payments, aside from their increasing use of smartphones for this purpose? Per the latest Bitkom survey, 29% of seniors aged 65 and above are now using their smartphones for payments, which suggests a growing interest in technology among seniors.
