PayObserver 2022: Every second in Germany lacks knowledge about cryptocurrencies / …

Supra Styria SE

Hamburg (OTS)

22 percent of Germans can mainly imagine paying with cryptocurrency. Three percent are already buying with Bitcoin, Ether or Litecoin. However, the majority lack the necessary knowledge to deal with digital currencies. Consumers in Germany are generally open to other new digital services such as paying with a QR code, pay as you go, buy now and pay later if they are offered or offered. However, removing the wire from a bank card is difficult. This is the result of “PayObserver 2022” from Galitt, a subsidiary of Sopra Steria. The population survey was conducted in five countries.

Cryptocurrencies have experienced a massive boom all over the world in recent years – both as an investment and as a means of payment. For many people in Germany, the world of cryptocurrency is a new territory. 55 percent don’t know anything about it, and 21 percent have heard of it but haven’t dealt with it any further.

Even among 18-25 year olds, 46 percent in this country have nothing to say about cryptocurrencies. For comparison: in Italy this percentage is eleven percent. The survey found that in other countries surveyed, such as France, Italy, Belgium and the United Kingdom, people are generally more willing to pay with cryptocurrency and respondents are more likely to have basic knowledge.

“In Germany, there is a lack of broad discussion of new payment options and the technologies behind them,” says Thomas Jepp, Head of Payments at Sopra Steria. “On the other hand, this quickly leads to disappointment when investments lead to losses or when repayment does not work smoothly. On the other hand, lack of interest permanently prevents the promotion of innovation in the financial sector in Germany because people cannot identify with it a new world of payments ” Yes, he said

“Needs the same selfie as PayPal”

Many people in Germany also lack the normal processing of contactless payments via smartphone or QR code scanning. About half of those surveyed are familiar with these two payment options. For comparison: when paying with a bank card, 91 percent immediately know what to do. Even younger people find it easier to access a card at a cash register or at a restaurant than on their smartphone.

Thus, the complete separation of the bank card is still out of the question for the majority of Germans. Only 15 percent can currently completely detach from the plastic card as a means of payment. One-third prefer the card option, another third would like to be able to pay with a card and optionally with a smartphone, and 18 percent don’t want to pay with a cell phone at all.

However, when buying online, a fumble towards a new digital payment world can be seen. 43 percent of consumers now prefer paying via a wallet provider like Paypal or Apple Pay. Instant transfers (19 percent) and debit and credit cards (18 percent) are less common. In addition, many consumers are aware of the essential advantages of new payment services such as buy now, pay later or request payment (request payment) if payment methods are offered.

“The results underscore the extent to which payment services from big tech companies have established themselves as the standard because they operate like a VW Beetle,” says Thomas Jepp of Sopra Steria. “People also need this self-image when engaging with other payment innovations.”

Comparison of 5 countries: Italy in the lead

In the other countries examined, new digital payment options are sometimes more well established. First and foremost in Italy: two-thirds of people there used to carry their mobile phone, not their card, at the cash register or scan the QR code on the bill at a restaurant. In Belgium and Great Britain, these payment methods are especially popular in the age group from 18 to 25 years. In France, on the other hand, there is more uncertainty than Germany when it comes to dealing with contactless payment methods.

In Italy, fewer people were tied to plastic cash than in other countries surveyed: 28 percent would pay with their smartphones if cards were withdrawn. There are hardly any absolute refusers of mobile payments in Italy. In the other three countries surveyed, people are tied to their bank cards just as they are in Germany.

Another advantage of banks and financial companies in Italy: the majority of respondents there tend to be open to paying for value-added services. This applies, for example, to real-time payments (instant payments). Only 47 percent refuse to pay a fee for this service. Payment expert Thomas Gibb of Sopra Steria explains: “In Italy, financial services are allowed to cost something. This greatly simplifies investments in the development of the corresponding services.”

Admission is lower in the other countries examined. In Germany, 68 percent are not willing to pay a certain cent for instant payments. According to PayObserver 2022, 41 percent generally don’t understand why the process takes up to two or three banking days.

Via Galitt PayObserver

Galitt, a subsidiary of Sopra Steria Group, has conducted its “PayObserver” population survey for the fifth time, this time in five countries. In April 2022, 1,600 consumers were surveyed, 400 in France and 300 each in Belgium, Germany, Great Britain and Italy. Participants were asked 34 questions to find out what residents expect regarding trends in the payment market.

To download the study

About Supra Styria

Sopra Steria is a leading European technology company with recognized expertise in the fields of consulting, digital services and software development. The group supports its clients in driving digital transformation and achieving tangible and sustainable results. Sopra Steria offers comprehensive, end-to-end solutions that enable large corporations and government agencies to better compete and perform – based on deep industry expertise, innovative technologies and a collaborative approach. The company puts people at the center of everything it does with the goal of making the most of digital technologies and creating a positive future for its customers. With 47,000 employees in about 30 countries, the group generated sales of 4.7 billion euros in 2021.

The Sopra Steria (SOP) range is listed on Euronext Paris (Compartment A) – ISIN: FR0000050809.

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Supra Styria:
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Original content from: Sopra Steria SE, transmitted by aktuell news

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