Boston, MA -- (SBWIRE) -- 01/07/2014 -- Despite economic slowdown, the German card payments industry registered growth during the review period (2008-2012). The card payments channel recorded a review-period compound annual growth rate (CAGR) of 3.56%, to reach 247.6 million cards in circulation in 2012 and a value of EUR519.8 billion (US$668.2 billion). Changing lifestyle demographics, an increase in the popularity of online shopping and a rise in disposable income per capita supported the growth of the volume of cards in circulation.
Key initiatives are being taken by the Central Bank of Germany (Deutsche Bundesbank) to facilitate cashless transactions, including the adoption of the secure single euro payments area (SEPA) system, the implementation of Europay, MasterCard and Visa (EMV) technology and development of e-payment systems. The introduction of SEPA systems across Europe will harmonize all European retail payment systems. Germany plans to completely migrate to EMV technology by February 1, 2016. EMV-based cards and point of sale (POS) terminals will facilitate the expansion of the contactless payment system and NFC technology in the retail sector. Der Deutsche Sparkassen- und Giroverband (DSGV or the German Saving Bank Association) is enabling contactless technology across all bank savings cards in 2014. Additionally, Visa Europe launched its payWave enabled credit and debit cards alongside six German banks to provide a contactless payment service in 2012. Another important development in the German contactless payment system was the launch of the Touch & Travel mobile ticketing service by Deutsche Bahn in 2011. The service allows users to touch in and out at stations via 'Touchpoints', through the use of a near field communication (NFC) enable card or via a 2D barcode on a smartphone.

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Key Highlights

- The German cards and payments industry appears lucrative due to the adoption of SEPA and e-SEPA systems, which will motivate consumers to adopt to cashless transactions. The advent of EMV, NFC, mobile payments, mobile wallets and contactless payment systems will fuel industry growth.
- The card payments channel recorded a review-period compound annual growth rate (CAGR) of 3.56%, to reach 247.6 million cards in circulation in 2012 and a value of EUR519.8 billion (US$668.2 billion). Changing lifestyle demographics, an increase in the popularity of online shopping and a rise in disposable income per capita supported the growth of the volume of cards in circulation.

Companies Mentioned in this Report: Commerzbank AG, Landesbank Baden-Wuerttemberg, Comdirect Bank, Deutsche Postbank AG, Barclaycard, B+S Card Service, MasterCard, Visa, American Express, ConCardis

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