Germany Payments Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The German Payments Market is segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), and by End-user Industries (Retail, Entertainment, Healthcare, Hospitality).

Germany Payments Market Size

Germany Payments Market Growth
share button
Study Period 2018 - 2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR 12.32 %
Market Concentration Low

Major Players


*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

Germany Payments Market Analysis

The German payments market is expected to register a CAGR of 12.32% from 2022 to 2027. The primary factors driving the market's growth in the region are robust growth in E-commerce, increasing internet penetration, and rapid adoption of mobile payments, among others.

· Germany is a cash-dominant country, but cash payments have been actively discouraged in Germany since the pandemic. Consequently, most establishments and stores have started accepting card payments, and Germans have begun to move toward digital payment solutions.

· As such, digitization, coupled with the advent of the second Payment Services Directive (PSD2) and robust e-commerce growth, paved the way for developing many new payment options in the region. The emergence of Apple Pay, Google Pay, and mobile payment solutions from banks like Kwitt will likely fuel mobile growth.

· Innovative digital payment solutions are making their way into the German payments market. Driven predominantly by the rising use of smartphones and the emergence of digital wallet payment options such as PayPal, it emerged as the newest number one trend for online payments in Germany.

· Furthermore, more people are using electronic means for transactions. New card terminals, more accessible solutions for smaller merchants, cashless ticketing in transit, mobile payments, and contactless cards are all important. Government-led initiatives are also helping by recently implementing several legislative initiatives to strengthen the payment sector's resilience.

· The Covid-19 outbreak has significantly accelerated the trend toward cashless payments in Germany. According to Bitkom, Germany's digital association, more than 70% of Germans would like to see more digital and contactless payment options. In-store payment behavior has also evolved at a pace during the outbreak. During the pandemic, Germany has seen a surge in (contactless) card-based and mobile payments. Merchants actively encouraged customers to pay by card, ideally contactless, instead of cash.

Germany Payments Market Trends

This section covers the major market trends shaping the Germany Payments Market according to our research experts:

High Proliferation of E-commerce and Rising Adoption of M-commerce is Expected to Drive the Payments Market

· E-commerce in the region is proliferating at a high rate owing to the increasing number of online shoppers over the past few years. For instance, as per EUROSTAT, the proportion of individuals aged between 16 to 74 in the European Union who ordered or brought goods and services over the internet was 51% in 2016, which grew to 66% in 2021.

· Many online stores and E-commerce platforms in Germany accept credit cards and PayPal as payment methods. Many E-commerce websites also accept invoices, buy now and pay later. With so many advantages, E-commerce companies offer easy payment checkout solutions. The E-commerce market is further expected to grow over the forecast period.

· Furthermore, the adoption of mobile commerce is on the rise because many market players in the region have developed dedicated apps. Many applications allow connecting consumers with a credit card, which drives the market's growth. As per the E-commerce association BEVH, the mobile commerce revenue in Germany made up around 40% of e-commerce goods sales in 2021.

· Furthermore, payment methods are continuously evolving in the region. As reported by PostNord, 50% of Germans made payments through PayPal or similar options for online purchasing, followed by invoices and debit or credit cards by 21% and 17%, respectively.

Germany Payments Market Trends

Retail Sector to Drive the Payments Market

· The retail industry is one of the top three industries in Germany. As a result, the retail sector continues to represent a wealth of opportunities for new business, trading and investing. The payment market in Germany is developing with the changing customer behavior. Trends such as mobile payments, internet banking, instant payments, and the Government's growth initiatives are affecting the payment market in the country.

· Further, Germans spend a significant share of money on categories that include food, beverages, tobacco, clothing, footwear, cosmetics, body care products, furniture, appliances for the household, and leisure items such as watches and accessories. Furthermore, various payment checkout solutions offered by top retail market players in the region are further accelerating the growth of the retail sector.

· As per The German Retail Association (HDE) and the Federal Statistical Office of Germany, the retail sales revenue has continuously risen over the past few years. As per data, the retail sales revenue grew from EUR 526.8 billion in 2018 to EUR 586.1 billion in 2021.

· This continuous rise in the retail sector provides various opportunities to payments providers in the region to enhance their payment platforms and apps to cater to the increasing demand. Furthermore, the rising adoption of digital wallets and contactless payments by cards is further providing lucrative opportunities for payment providers in the region.

Germany Payments Market Forecast

Germany Payments Industry Overview

The German payments market appears to be fragmented owing to the availability of the large number of players intensifying the competition. Major players in the German payments market are adopting strategies like acquisitions and partnerships to expand their reach to more regional consumers. Some major companies in the payments market are Visa Inc., Mastercard Inc., Girocard, Google pay (Google LLC), and PayPal.

· March 2022 - Berlin-based B2B BNPL platform Mondu raised a USD 43 Million Series A round led by US-based venture capital fund Valar Ventures and will use the funding to expand into more European countries later this year.

· September 2021 - Deutsche Bank announced to acquire Berlin-based payment service provider Better Payment. Deutsche Bank will integrate Better Payment's technical solutions into its existing product range over the next twelve months, leveraging the acquisition to expand its market share in payment processing and acceptance.

Germany Payments Market Leaders

  1. Mastercard Inc.

  2. Girocard

  3. Paypal

  4. Visa Inc.

  5. Google Pay (Google LLC)

*Disclaimer: Major Players sorted in no particular order

Mastercard Inc., Girocard, Paypal, Visa Inc., Google Pay (Google LLC)

Germany Payments Market News

· April 2022 - German fintech start-up SaveStrike plans to launch a new mobile banking app to help millennials invest in capital markets. The app will be split into four parts to make spending, saving, and investing interconnected and straightforward. At its core, SaveStrike will provide always-on access to a current account and custody account in one app, alongside separate savings accounts. SaveStrike Pay will provide all the usual current account functionality, including transfers, standing orders, QR code payments, ATM search, and card settings.

· December 2021 - PayPal has teamed up with PACE Telematics to enable mobile payment directly at the pump in service stations in Germany. Customers can not only pay with their smartphones, but for the first time in Europe, consumers can also use their Apple Watch or Android smartwatch to complete the transaction.

Germany Payments Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

    3. 4.3 Industry Attractiveness-Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Evolution of the payments landscape in Germany

    5. 4.5 Key market trends pertaining to the growth of cashless transaction in Germany

    6. 4.6 Impact of COVID-19 on the payments market in Germany


    1. 5.1 Market Drivers

      1. 5.1.1 High Proliferation of E-commerce and Rising Adoption of M-commerce

      2. 5.1.2 Enablement Programs by Key Retailers and Government encouraging digitization of the market

      3. 5.1.3 Growing adoption of Buy Now Pay Later in Germany

    2. 5.2 Market Challenges

      1. 5.2.1 Lack of a Standard Legislative Policy Remains, Especially in the Case of Cross-border Transactions

    3. 5.3 Market Opportunities

      1. 5.3.1 Move towards Cashless Society

    4. 5.4 Key Regulations and Standards in the Digital Payments Industry

    5. 5.5 Analysis of major case studies and use-cases

    6. 5.6 Analysis of key demographic trends and patterns related to payments industry in Germany (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)

    7. 5.7 Analysis of the increasing emphasis on customer satisfaction and convergence of global trends in Germany

    8. 5.8 Analysis of cash displacement and rise of contactless payment modes in Germany

  6. 6. Market Segmentation

    1. 6.1 By Mode of Payment

      1. 6.1.1 Point of Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Cash

        4. Others

      2. 6.1.2 Online Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)

    2. 6.2 By End-user Industry

      1. 6.2.1 Retail

      2. 6.2.2 Entertainment

      3. 6.2.3 Healthcare

      4. 6.2.4 Hospitality

      5. 6.2.5 Other End-user Industries

  7. 7. Competitive Landscape

    1. 7.1 Company Profiles

      1. 7.1.1 Matercard Inc.

      2. 7.1.2 Visa Inc.

      3. 7.1.3 Girocard

      4. 7.1.4 PayPal

      5. 7.1.5 Google Pay (Google LLC)

      6. 7.1.6 Apple Pay (Apple Inc.)

      7. 7.1.7 Amazon Pay (, Inc.)

      8. 7.1.8 American Express Company

      9. 7.1.9 Payback Pay

      10. 7.1.10 Paydirekt GmbH

    2. *List Not Exhaustive
  8. 8. Investment Analysis

  9. 9. Future Outlook of the Market

**Subject to Availability

Germany Payments Industry Segmentation

The German Payments Market is segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), and by End-user Industries (Retail, Entertainment, Healthcare, Hospitality). E-commerce payments include online purchases of goods and services such as purchases made on e-commerce websites and online booking of travel and accommodation. The market scope excludes online purchases of motor vehicles, real estate, utility bill payments (such as water, heating, and electricity), mortgage payments, loans, credit card bills, or purchases of shares and bonds. As for Point-of-Sale, all transactions that occur at the physical point of sale are included in the scope of the market. It includes traditional in-store transactions and all face-to-face transactions regardless of the location of the transaction. Cash is also considered for both cases (cash-on-delivery for e-commerce sales).

The study tracks key market metrics, underlying growth influencers, and significant industry vendors, supporting Germany's market estimates and growth rates throughout the anticipated period. The study looks at COVID-19's overall influence on the German payment ecosystem.

By Mode of Payment
Point of Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Online Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry
Other End-user Industries

Report scope can be customized per your requirements. Click here.

You can also purchase parts of this report. Do you want to check out a section wise price list?

Germany Payments Market Research FAQs

The Germany Payments Market is projected to register a CAGR of 12.32% during the forecast period (2023-2028).

Mastercard Inc., Girocard, Paypal, Visa Inc. and Google Pay (Google LLC) are the major companies operating in the Germany Payments Market.

Germany Payments Industry Report

Statistics for the 2023 Germany Payments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Germany Payments analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!