Europe Online Payment Methods: First Half 2017
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As of this year, card payments accounted for the largest share of E-Commerce revenues in Europe, followed by E-Wallets like PayPal. However, research cited in the new yStats.com report reveals how online consumers’ preferred payment methods vary dramatically across different countries. In the UK, Belgium and France, the leading payment method is bank card. In Italy, bank cards are about equal with PayPal in usage, but online consumers from Germany and Switzerland prefer invoices at a much higher rate than cards. Across Eastern Europe, online bank card payments are increasing, but cash on delivery is still the most preferred option in countries like Romania and Hungary.
A survey cited in the yStats.com report names convenience, security, and speed as the leading criteria when deciding on a payment method in Europe. When looking at the consumer decision to make payments via mobile devices, shoppers are mostly concerned with security and data protection, but convenience has been noted as a major benefit of this payment method. In Russia, a single digit share of Internet users use mobile wallets like Apply Pay and Samsung Pay for online purchasing, whereas in Denmark, already a double-digit percentage of customers paid for a product in store using a smartphone.