Customers appreciate flexibility, and even demand it when ordering services.
Easy and convenient payment by using smart technology. The world of payment transactions is changing - not completely and suddenly, but a little bit every day. Payment is becoming more and more convenient. No customer wants to count small change any more. By using Near Field Communication (NFC), we can pay even the smallest amounts by simply holding the card up to the terminal. A survey¹ conducted by the Retail Institute and the German Retail Association (HDE), comprising more than 70 pages, examines not "only" the coming year, but also forecasts developments up to 2025. However, the survey still contains valuable insights for 2021. Particular attention is given to shopping preferences and payment methods right at the start of the survey. The findings can be summarised as follows:
- Classic means of payment, such as credit and debit cards, are currently still popular and typically demanded by consumers as standard.
- The popularity of cash is continuing to decline, particularly in very large and small denominations (€500 note, one-cent and two-cent coins)
- Mobile payment methods will gain market shares. According to the survey, however, retailers would still be well advised to offer incentives for mobile payments.