The latest publication from Hamburg-based desk research company yStats.com titled “Eastern Europe Online Payment Methods 2022” provides insight into the online payment market in the Eastern European region, through key figures, forecasts, and trends.
Card payments maintain popularity in most Eastern European countries
Payment by card is among the most preferred payment methods used by online shoppers in the European region; most Eastern European countries, like their Western Europe neighbors, showed a strong inclination towards the use of cards for making online payments. According to a survey cited in the yStats.com report, over one-half of online shoppers in Russia revealed that they prepaid by card when making B2C E-Commerce purchases in both 2020 and 2021. The survey also revealed that the frequency of payment by cash upon receipt in Russia decreased from 2020 to 2021. In Turkey, the numbers of domestic and cross-border E-Commerce transactions completed using domestic bank cards increased from 2020 to 2021 and continue to rise going into 2022. Card payment via gateway was frequently used by more than one-half of the Internet users in the Czech Republic in 2021, and the number of card payments made in Ukraine experienced an increase from January 2022 to April 2022. Furthermore, in Hungary, more than one-third of domestic E-Commerce transactions were completed by card payments upon delivery.
Some Eastern European countries had varied preferences
While some Eastern European countries had similar preferences to the general trend described above, others did not. Online shoppers in Poland preferred to pay via direct bank payments, with payments by card coming in second. They also used alternative payment methods, such as immediate transfers via payment services and mobile payments, when making online purchases. Among the most used instant payment services in Poland when making B2C E-Commerce purchases was PayU as of 2021. In Romania and Bulgaria, electronic payments were used for both domestic and cross-border B2C E-Commerce purchases. In Croatia, digital wallets dominated, being used by nearly one-half of surveyed online shoppers in 2021, as spelled out in the yStats.com report.