The latest publication from Hamburg-based desk research company yStats.com titled “Europe Online Payment Methods 2022” offers insight into the European online payment methods market, through the analysis and summary of key figures, forecasts, and trends. Among other findings, the publication reveals that countries in Europe showed a preference towards online payment methods such as debit card or credit card, PayPal, or similar, and mobile app.
Digital payment methods are on the rise in Europe
It is evident that digital payment methods are taking over the payment market in Europe as, according to a survey referenced in the yStats.com report, all generations of consumers were found to make payments using card, mobile, and wearable devices, with only a small portion of surveyed consumers stating that they don’t use electronic payments. Payment methods used by surveyed consumers in Europe over the 12 months prior to July 2021 included contactless card, card, cash, and mobile contactless; although cash payments prevail, digital payments are catching up. Most European countries have developed a preference towards payments by card when making B2C E-Commerce purchases, whereas some localized variations exist. In Germany, Portugal, Croatia, and Italy, PayPal or a similar form of digital wallet was the most preferred payment method when making online purchases. The Netherlands preferred payments via mobile app, Sweden preferred payments by Invoice, and online shoppers in Denmark and Poland preferred to pay via direct bank payment. In Romania and Bulgaria, “Electronic Payments” were used by most online shoppers when paying for their domestic and cross-border E-Commerce purchases. Moreover, more than two-thirds of surveyed consumers would support mandatory acceptance of digital payments, and above 80% of merchants preferred accepting electronic payments over cash.
Online and digital transactions in Europe are increasing in number and value
In the United Kingdom, the total number of online card payment transactions done using debit and credit cards increased in the short span from Q3 2021 to Q4 2021. As the value of mobile and wearable payments in Italy increases, the value of digital payments was also seen to increase in 2021, reaching a value in the billions of Euros for both. Contactless payments made in Belgium experienced a notable growth from 2020 to 2021 and the number of contactless mobile transactions in Turkey reached a total of approximately 20 million. In Ukraine, the number of contactless card payment transactions increased by significantly from January 2021 to January 2022, as spelled out in the yStats.com report.