The Paypers: Online payment in Germany: security and tradition16. März 2016
With the right payment mix, customer reach can be improved by 50% in Germany
Germans are conservative and this is reflected in their traditional attitude towards online payment: open invoice and direct debit (SEPA-ELV) are the most popular methods of German online retail payment. By ignoring this aspect, merchants will suffer abandoned purchases. What should online merchants bear in mind in order to be successful in Germany?
It is a fact that credit card payments are the world’s top cashless method. However, this does not apply worldwide and certainly not in Germany, where only 35.7% own a credit card and only 10% use it. Germans love security and tradition, which also applies for payments. Online shopping is no exception, with Germans relying on familiar and trusted types of payment. The challenge for merchants and payment service providers is to incorporate common offline payment methods into the world of ecommerce.