Contactless payment: Efficiency through the mass of payments
Frankfurt am Main, October 12, 2022: Contactless payment is one way to increase efficiency at the checkout. Not only is it popular—around three-quarters of payments in the girocard system are contactless—but it is also fast. On average, a contactless card payment without PIN entry takes around twelve seconds, making it the fastest payment option with a traditional card. Only mobile payment, i.e., paying with a digital card stored on a smartphone or smartwatch, saves even more time at the checkout, taking just eleven seconds. This was the finding of a study conducted by infas quo on behalf girocard, in which the payment speed was measured and evaluated by payment method for 1,359 purchases at discount stores in August 2022. A time saving of just a few seconds makes a big difference to the retail sector a whole. The faster and more convenient the payment, the shorter the waiting time at the checkout, the more satisfied the customers, and the better for internal processes.
The current study builds on an initial measurement by GfK in June 2017, shortly after the introduction of the contactless function in the girocard system. It now records more transactions—and, above all, significantly more contactless payments. The comparison shows that five years ago, contactless payments were already completed in around 11 seconds, which is about one second faster than today on average. What may seem surprising at first glance, however, reveals the large market presence contactless payment upon closer inspection. Because: "Whereas in 2017 only early adopters card their card , today it is the general public," says Ingo Limburg, Head of Marketing and PR girocard at EURO Kartensysteme. "Five years ago, contactless payers were card with their card at the ready. Today, it's normal, and sometimes people first have to card their wallet or card – and that is reflected in the overall average."
Contactless payment saves time, especially when compared to inserting a card paying in cash (19 seconds each). What may seem like only a brief moment per purchase makes retail sector huge difference for the retail sector : especially when customer traffic is high, a large proportion of contactless payments shortens checkout lines and creates more time for other tasks.
Mobile payment with consistently fast payment times
The only thing faster than contactless payment with card without entering a PIN was mobile payment. With a digital card a smartphone or smartwatch, e.g., the digital girocard, payment took an average of only eleven seconds. No payment made with a digital card longer than 20 seconds. Payments made by inserting a card up to 36 seconds, while cash payments took up to 54 seconds. "Today, mobile payment is roughly where contactless payment was in 2017: it is a technology for enthusiasts – and they are ready and waiting at the checkout," explains Ingo Limburg. "I am convinced that paying with smartphones and smartwatches will also appeal to the masses and that we will see this in the next measurement."
About the study:
Recording of payment duration and payment method for 1,359 purchases at discount stores in August 2022. The respective measurement of payment duration started with the invoice amount and ended with the printout of the receipt or closing of the checkout compartment.
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girocard Press release
girocard Image Press release
girocard Exposé Speed study
About girocard:
Banks and Sparkassen Germany have issued around 100 million girocards. The "girocard" brand represents the German Banking Industry Committee's overarching framework for its two proven debit card payment systems: the girocard system (formerly "electronic cash") as a debit card payment system and the "German ATM system." By using a personal identification number (PIN), the Germany Banking Industry Committee guarantees that girocard can the Germany Banking Industry Committee be used securely and easily. The name and logo girocard were introduced by the German Banking Industry Committee in 2007.
About EURO Kartensysteme:
As a joint venture of the German banking industry, EURO Kartensysteme GmbH performs tasks in the common interest of German banks and Sparkassen the area of card-based payment services EURO Kartensysteme GmbH focuses in particular on central tasks and services, such as marketing and PR for girocard its prepaid payment functions, other chip functions, girocard business development, the development of operational security standards and methods for combating fraud, and Mastercard license management.
Contact us
EURO Kartensysteme GmbH
Lisa Werner / Jessica Henke
Communication and Marketing
Tel.: +49 (0)69 / 97945-4853
Fax: +49 (0)69 / 97945-4847
presse@eurokartensysteme.de
