Nine out of ten Germans can not imagine using online portals to borrow from private individuals or even to lend a loan. Only two percent use such a platform at present, another four percent have tried it, but were not satisfied. Seven percent can at least imagine the use. Even with mobile payments, the Germans are currently still cautious. Only one in ten citizens currently uses such solutions. These are the results of the representative survey “Digital Financial Trends 2015” by us.
So-called peer-to-peer loans, in which private individuals grant each other loans, will not be that easy for the time being: 88 percent reject the use of online portals for credit transfer from private to private. Half of the Germans, on principle, do not lend money online or offline and do not accept personal loans themselves. Another 25 percent do not trust the intermediary portal operators. Eleven percent see the granting of loans as the sole task of a bank. “Peer-to-peer loans are still a niche business. The majority of Germans rely on the issue of installment loans to banks, “says our CEO John K. Ortiz.
Especially women refuse private money lending
Women are particularly skeptical about “private-to-private credit”: 53 percent would not borrow money, compared to 45 percent of men. The latter have borrowed more money from private individuals (7% compared to 5%) compared to women, and are more likely to imagine this for the future (8% compared to 4%).
Even mobile payment is still not widespread
– but is about to break through
Mobile payment is also not yet widespread: Only one in ten makes use of mobile payment solutions. With 35 percent, most security concerns cite their reluctance. 27 percent generally do not use their smartphone or mobile phone for money transactions, not even for online banking. Here, too, it is mainly women who are skeptical. A further 14 percent of Germans are afraid of spending too much money over fast and easy mobile payment options. When asked about the obstacles, multiple answers were possible.
But unlike private-to-home credit, mobile payments are in the midst of a turnaround, as 23 percent can imagine paying with their smartphones in the future. “Mobile payments will become established as consumers lose the fear of security breaches and learn how to handle them consciously. The providers could support this by investing in security and providing more information, “says our CEO Ortiz.