Payments Snapshot in Germany: Coronavirus (COVID-19) Sector Impact
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Germany is among the worst affected countries in the world with total confirmed cases of 132,210 as of April 15, 2020. The countrys GDP has been revised downward for 2020 due to the economic disruption caused following the outbreak of Coronavirus. There has been a sharp rise in the cancellation of flights, hotel bookings, and major upcoming events.
On March 25, 2020 the German government approved an aid package of 750bn ($842.03bn) to support the economy and contain job losses as a result of the pandemic.
This report focuses on the impact of the Coronavirus outbreak on both the economyand the cards and payments industry in Germany. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat Coronavirus.
- Coronavirus has adversely affected the German travel and tourism industry. According to the German Travel Industry Association (DRV), tour operators and travel agents in Germany are likely to suffer a massive revenue loss of 4.8bn ($5.39bn) between mid-March and the end of April due to cancellation repayments and lost bookings on account of the pandemic.
- Online retailers such as Rewe and Amazon are likely to benefit from the prevailing scenario in the short term as German consumers are increasingly preferring online purchases. Additionally, when shopping in-store consumers will shift from cash-based payments to electronic payments.
- Retail customers and small businesses are vulnerable. According to the German Association of Retailers, large numbers of retailers have been forced to shut their businesses temporarily, and are heavily relying on government aid for survival.
Reasons to Buy
- Make strategic decisions using top-level revised forecast data on the German payment industry.
- Understand the key market trends, challenges, and opportunities in the German cards and payments industry.
- Receive a comprehensive insight into payments market in Germany.
Total Payment Cards Market vs. Pre-COVID-19 Forecasts
Debit Cards Payment Market vs. Pre-COVID-19 Forecasts
Credit and Charge Cards Payment Market vs. Pre-COVID-19 Forecasts
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