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The payments industry in Germany: Status and further developments or a triangle of scale, complexity and low fees
Journal of Payments Strategy & Systems,
17
(3),
323-349
(2023)
Abstract
The German payments market is sizeable, handling almost one-quarter of the non-cash transactions conducted in the euro area, and benefiting from structurally lower cost levels. At the same time, it is characterised by a highly complex and intense competitive set. These two factors seem to result in low fee levels. The COVID-19 pandemic has accelerated structural change (and digital payments adoption) in a market with distinctive institutions and consumer preferences. This paper reviews both the key players shaping the overall payments market, as well as the characteristics of key payment solutions and situations. In doing so, the paper identifies and explains the idiosyncrasies of the German market, linking back to the aforementioned factors shaping the German payments market.
Keywords: payments; Germany; banks; point of sale; cash; card payments; online payments; banking sector
The full article is available to subscribers to the journal.
Author's Biography
Niklas Bartelt is an external lecturer at EBS University of Business & Law and Senior Adviser for DZ Bank AG. Prior to this, he was the founder and Managing Director of paydirekt. He has also served as the managing director responsible for transaction banking product management at DZ Bank AG.
Ronny Wittig is a partner at Bain & Company, the management consultancy. Ronny has over 15 years of experience in the fields of payment, retail banking and consumer finance.
