As credit cards emerge as the most popular
payment method in German e-commerce it is believed a ‘Cinderella’
label can finally be shaken off as they are allowed to step into
the limelight.
The latest ‘E-Commerce Report’ by Deutsche
Card Services, a subsidiary of German financial services group
Deutsche Bank, shows German consumers use credit cards to pay for
38% of their purchases. Sitting in second place is direct debits,
which was the most popular payment method in preceding years.
Behind that comes giropay – developed by German credit institutions
and based on the online PIN and TAN procedure.
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“It is good news that credit cards are the
most popular payment method in German e-commerce for the first
time,” said Felitas Aguilar, sales manager for e-payments software
provider ACI.
“Security is now of paramount importance in
the market with all credit cards containing a chip. This has
increased consumer confidence at a time when people are becoming
more wary of debit cards owing to skimming fraud.
“Credit cards have been always the
‘Cinderella’ in the card market in Germany – never getting the
recognition they deserve and sitting in obscurity. Perhaps now that
the glass slipper seems to fit, credit cards will step into the
limelight for good.”
Aguilar also notes the ‘significant growth’ in
the number of credit cards issued in Germany. She cites banks such
as Postbank, Targobank and Santander Consumer Bank as examples of
those that are starting to see credit cards as a valuable revenue
stream.
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By GlobalDataOther results from the report showed the
average transaction value processed via the Deutsche Card Services
platform declined from a record high of €84.31 ($112) in 2009 to
€65.32 in European online shops. Giropay is also revealed to be
gaining importance among merchants and customers. More merchants
are offering the payment method and the average transaction value
is increasing. According to the Deutsche Card Services data,
giropay is used in particular to pay for luxury goods worth more
than €500.
