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Will money transfer with smartphones replace cash?

Published on

June 22, 2017

Reading time

minutes

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#Mobile #Rechnung



Anyone who wants to share the bulk purchase with the flatmates or the bill in the restaurant with the companions probably knows the problem that not everyone has put in the right amount. But the tedious exchange of money will soon be a thing of the past - smaller amounts can be transferred from one smartphone to another without any problems. Such peer-to-peer payment solutions are already being provided by various providers. The amount is transferred - down to the cent.

Every seventh German citizen has tried the service

Almost one in seven Germans (15 per cent) can imagine using their smartphone for the payment process or has already tried this option. One in five Germans (21 percent) believes that they do not need such a service. 56 percent, i.e. every second German, believes that he or she does not want to use the service at all. 1,009 German citizens older than 14 years were interviewed - on behalf of the digital association Bitkom. "Everyone knows that handling small change is tedious and expensive. For us it is no surprise that the Italians are abolishing the one and two-cent coins," says Dr. Bernhard Rohleder, the CEO of Bitkom. "Today, the financial industry is focusing on digital innovations. We know that the financial industry is the pioneer when it comes to cooperation with start-ups, for example. There are so many start-ups in the financial industry that are replacing traditional business models with or through digital alternatives," Rohleder knows.


The end of the cash?

Every third German citizen recognizes advantages when transferring money with his or her mobile phone. 31 percent believe that digital money transfer could become a real alternative to cash. 38 percent believe that the exchange of small amounts of money between family members, friends and colleagues could be made easier. "Money coins were the technological advance from the classic exchange economy. It may not be long before smartphones are used for payment transactions and cash disappears from everyday life," says Rohleder.


Now it is the turn of the providers

So in the near future, German citizens will not only send short messages with their smartphones, but will probably also transfer cash. 80 percent of those surveyed are not yet familiar with the providers of such services, so the Germans are primarily just not as active because they are not aware of the possibilities. 6 out of 10 (59 percent) indicated that they still have security concerns. "Trust and also security are of course the central prerequisites if the service is to become established. Here, of course, the German providers are in demand, who must achieve the highest level of security so that German citizens also make use of the services," Rohleder knows. "In the coming years, peer-to-peer solutions will certainly become better known. As a result, more German citizens will also use the service". The "Digital Banking Conference", which was held by Bitkom in Berlin, also focused on the digitization of the banking and finance industry. During the conference, the focus was on solutions for private money transfers with smartphones, the changes in the industry through mobile payment and mobile banking solutions, block chain technologies and also FinTech start-ups.

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