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Since Sparkasse girocards can also be used for Apple Pay, the number of users of this contactless payment method by mobile phone in Germany has increased significantly.

"The savings banks will have more than 1.5 million Apple Pay users in December, which is three times more than in August," said Apple Pay boss Jennifer Bailey in an interview with WELT AM SONNTAG.

This is the first time the company has given specific figures.

In Germany, the savings banks are the most popular providers of current and salary accounts.

Around every second German over the age of 14 is a customer there.

The savings banks have issued more than 46 million girocards.

“The launch of Apple Pay with the Girocard was one of the most successful product launches by the savings banks in recent years,” said Joachim Schmalzl, executive board member of the German Savings Banks and Giro Association, of the newspaper.

As with Apple, expectations were also exceeded with the Sparkassenverband.

Regulators are critical of the tech companies' advance in the field of contactless payment systems.

Last week, EU Finance Commissioner Mairead McGuinness described smartphone payments as a “gold mine” because of the data it generates, attracting new providers such as Apple and Google for this market.

"This is a revolution in payments - and in how it is regulated and monitored," she said.

"The need for a level playing field is more important than ever."

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Apple Pay refers to 2,600 banks and financial institutions, including 250 fintech start-ups, that support its own service in Europe.

Apple Pay is a platform that enables small market participants to compete with very large participants, said Apple Pay boss Bailey according to the report.

"We even think that Apple Pay creates a field with the same rules of the game for everyone, across all financial services."

In addition to Apple, Google and Samsung also enable mobile payment with their own services in Germany.

The banks and savings banks also offer their own apps with these functions.

You can read all of the research in WELT AM SONNTAG.

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Source: Welt am Sonntag