A new report by Hamburg-based secondary market research company yStats.com highlights the developments in online payment methods across Europe in its new report. The publication titled “Europe Online Payment Methods: Full Year 2015” outlines the importance of suitable payment methods for encouraging both online purchases and in-store mobile payments.
Over half of online shoppers globally are ready to abandon their online purchases in case their preferred payment method is advertised, but not available at checkout, according to surveys from 2015, cited in a new report by yStats.com. Europe is no exception to this trend. In Spain, non-suitability of the online payment methods offered at checkout was the third most common reason for online shoppers not to return to a shopping website in early 2015. At the same time, in the UK, the availability of multiple secure mobile payment schemes emerged as an important motivator for online shoppers to increase in-store visits.
Offering the suitable online payment method is especially important in Europe, considering the differing preferences of online shoppers across the continent. While in the UK and France bank cards ranked above all other online payment methods last year, in Germany payment by invoice was more preferred and in the Netherlands it was local banking method iDEAL. Furthermore, as yStats.com’s report reveals, in some Eastern European countries, including Russia, Poland and Czech Republic, cash on delivery still plays an important role in online shopping.
The growing demand for diversity of online payment methods in 2015 was also recognized by B2C E-Commerce companies, as well as payment providers in Europe, according to the findings of yStats.com. For example, in early 2015 the share of Russian E-Commerce websites offering payment via alternative methods such as YandexMoney and PayPal increased. In Western Europe, the UK was a major arena for innovations in 2015, with Amazon introducing payments with installments, and Apple launching its Apple Pay.
