A Comparative Analysis on Retail Payment Behavior in Germany & China (Other (Not Listed) Sample)
This sample was a literature analysis/review on traditional vs modern payment SYSTEM. THE task was A Comparative Analysis on Retail payment BEHAVIOR in Germany and Chinasource..
A Comparative Analysis of Retail Payment Behavior in China and Germany
The German Experience
The usage of the mobile payment system is fast-rising both in the developed and third world countries. Despite the high uptake in most Western Europe states, Germany is still lagging in mobile payment usage. This trend is attributed to the popularity of traditional payment methods such as cash and credit card, with Germany being the country with the lowest usage rate in the European Union(Netimperative).. The traditional payment system in Germany is influenced by a highly entrenched economic culture of cash (Germann et al. 3). Germans identify cash as the most convenient and effective payment method.
As of 2018, cash usage in Germany stood at 67% of the total number of consumer-to-business transactions. Studies conducted by Deutsche Bundesbank since 2008, revealed that cash is the most preferred payment method in Germany. It also told that the usage of banknotes and coins represented 74% of all the transactions made in 2017 (Dw.com ). Given its culture and the cash-dominated economy, cash remains the most preferred method for settling smaller payments ranging from 5 to 50 pounds (Bundesbank 28, 34, 38). This preference for cash is familiar with individual payments such as restaurants, vending machines, cafés, and others. It is essential to note that a variety of incentives have been put in place by multiple players in the sector to encourage mobile payment uptake.
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