Mobile payment comes to Germany: The beginning of the end of cash? [5 Reading Tips]

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Photo by Jonas Leupe on Unsplash

Contactless payment with a smartphone, without use monetary notes, coins, or cards are the way of the future. But this isn’t anything new for many countries already. Forms of mobile payment have long been established and analogue forms of payment money a distant past. Compared to China or the USA, Germany is so old-fashioned in this aspect. On one side there Google and Apple and on the other the traditional German banks. Both want to change the way people in Germany pay for things every day.

But German customers and businesses don’t just change their ways because of “innovative” ways of doing things – even if analysts say a potential for change is very high.

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The future of payment is cash-free [5 Reading Tips]

Sergio Uceda / Flickr.com
Sergio Uceda

The act of paying is becoming cashless and invisible. The reason: the digitization of all processes in which the banal act of exchanging money for goods is involved and the emergence of streamlined payments, mobile payments, and cryptocurrencies. The rise of connected devices opens broad horizons making fin-tech a key player in the field of Internet of Things.

Imagine, future cars could perform payments to the charging station on your behalf. Are we ready to say goodbye to the deep-rooted gesture of counting cash and coins while queueing at the supermarket?

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