Digital Payment Methods on the Rise: Why Now is the Right Time to Switch to Card Payments.

In the world of events and trade fairs, cash is still a widely used payment method. However, a new study by the Deutsche Bundesbank shows that the demand for digital payment methods is steadily increasing among both service providers and customers. This development not only offers potential for greater efficiency and security for organizers but also for an improved customer experience, particularly in services like coat check.

The Current Payment Behavior in Germany

According to the 2023 Bundesbank study, half of all transactions in Germany are still conducted in cash. However, the use of cashless payment methods is continuously increasing and at an accelerating pace. The proportion of cash payments has decreased from 58% in 2021 to 51% in 2023.

 The debit card is now the second most commonly used payment method and accounts for 27% of payment transactions, an increase of five percentage points compared to 2021. Mobile payment has also gained significance, tripling its share to six percent​.

The study also shows that the acceptance of cashless payment methods has risen to 80 percent, an increase of a whole 20 percentage points within two years. These changes in payment behavior are also reflected in consumer preferences: 44% of respondents prefer digital payment methods, while cash is now only used by a quarter of respondents as their preferred payment method.

Challenges and Opportunities for Organizers

Among the greatest challenges of cash are the costs of cash logistics, risks from theft, and errors in accounting as well as difficulties in tracking transactions.

However, increasing digitalization offers numerous opportunities to overcome these problems while improving service:
Customers appreciate the convenience and speed, as they do not need to look for change or carry cash. According to the Bundesbank study, 44% of respondents prefer digital payment methods due to their simplicity. Security is higher, as transactions are secured by PIN or biometric data, which minimizes fraud. Additionally, customers have a better overview of their expenses, which facilitates budget management.

Organizers save costs on transport, storage, and deposits by eliminating cash logistics. Automated systems reduce accounting errors and significantly decrease manual effort, boosting efficiency. Less cash on-site reduces the risk of theft and robberies. The digital recording of all transactions also simplifies tracking and evaluation, allowing valuable data about customer behavior to be gathered and services improved.

The Right Time to Switch

The new study by the Bundesbank makes it clear that the trend towards digital payment methods is unstoppable. Organizers who switch to modern technologies like itemdrop now position themselves not only as innovative and future-oriented but also benefit from the numerous practical advantages these solutions offer.

It is time to enhance the efficiency and security of your events while improving the customer experience. Switch to itemdrop now and make a statement for modern and customer-friendly payment methods in your event location.