Apple on Tuesday launched its mobile payment service Apple Pay in Germany that enables payments in stores as well as online purchases by using Apple products such as iPhones.

Numerous banking institutions and financial institutions are partnering with Apple to allow their customers to use Apple Pay in Germany. Among them are Deutsche Bank, HypoVereinsbank and American Express.

In June, Google already launched its own mobile payment system Google Pay in Germany which is partnering with the German bank Comdirect and Paypal among others.

Retailers in Germany are also starting to accept mobile payment services such as Apple Pay. These include supermarket chains, gas stations, fashion shops as well as fast food restaurant chains such as Burger King and Mc Donald's.

According to a recent study by the Bundesbank, cash would still be the most frequently used payment instrument in Germany. Nevertheless, the study also finds that 5 percent of respondents already use mobile payment apps "although they were introduced to a larger extent only in the year of the study".