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Europe Online Payment Methods 2022

·2-min read

Contactless payment methods are gaining momentum in Europe, reveals a new report. Online and digital payments are gaining traction in Europe. Payments via debit card or credit card were the most preferred methods of payments in multiple countries in Europe; however, other European countries differed, exhibiting preferences towards payments via mobile app, Invoice, PayPal, or another form of digital wallet, and direct bank payment.

New York, July 21, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Europe Online Payment Methods 2022" -
According to recent research, the adoption of digitalized payment methods is accelerating in European region, with the United Kingdom experiencing a marked increase in online card payment transactions made using debit and credit cards between Q3 2021 and Q4 2021, totaling millions of transactions. The value of digital payments in Italy increased in 2021 by billions of Euros and contactless payments in Belgium increase significantly from 2020 to 2021. In Turkey, the number of domestic and cross-border E-Commerce transactions also went through a notable change and contactless card payment transactions in Ukraine increased between January 2021 and January 2022.

Having several payment options positively reflects on merchants

Consumers have been found to favor the opportunity to pay in the payment method they prefer, which positively reflects on merchants they make purchases from. According to survey referenced in the report, above 90% of surveyed individuals in Austria revealed that their preferred payment method being available is one of the most important factors they consider when shopping online. In Poland, the possibility of payment upon delivery influenced online shoppers’ perception of a B2C E-Commerce website’s credibility when shopping for the first time. One of the problems encountered by Polish mobile shoppers when making online purchases is getting an inconvenient payment option only. Another survey cited in the report revealed that individuals in the Czech Republic would prefer paying contactless when given the option. Moreover, above one-half of online businesses in Bulgaria reported seeing growth in their sales when they started offering payment methods such as digital wallets and mobile wallets.

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