Description
Countries Covered: Austria, Bulgaria, Czech Republic, Denmark, France, German, Italy, Norway, Poland, Portugal, Spain, Turkey, United Kingdom.
Pages: 74
Publication Date: 22/11/2022
Questions covered in the report:
- How many mobile wallets are forecasted to be in use in Europe by 2025?
- What are the most preferred B2C E-Commerce payment methods in Europe?
- Which were the most popular financial service brands in the UK?
- What were the top payment methods offered by online stores in Germany?
- What were some of the problem area highlighted while using mobile payments in France and Poland?
Key Findings:
The appeal of mobile payments in Europe is seen to be increasing, with a forecasted surge in the number of mobile wallets between 2020 and 2025.
Digital payments to gain a further momentum in Europe, with mobile wallets being one of the most preferred payment method
The COVID-19 pandemic led to a shift in the traditional shopping habits of the consumer, wherein they moved from offline to online shopping as well as payment channels. Consumers in Europe were also seen leaning towards card payments, mobile wallets, payment via mobile apps and so on, as revealed by the new yStats.com report. Although Western Europe is forecasted to lead in terms of the growth of mobile wallet users by 2025, it is Central and Eastern Europe that is expected to see a significant rise in the growth between 2020 and 2025. In terms of the most preferred B2C E-Commerce payment method, Western European countries such as Belgium, Germany, France, Spain, Italy, and the UK, were seen using debit or credit cards and PayPal or Similar in 2021. Despite this trend, the usage of cards and PayPal or Similar differed greatly in these countries. For instance, more than half of the online shoppers in the UK, Spain, France, and Belgium were seen preferring debit/credit cards, while PayPal or Similar was more popular in Germany, and Italy, as spelled out in the new yStats.com report. Contactless payments also started gaining momentum in the UK, with most of the consumers inclining towards contactless means of payment in 2022, as reported in the new yStats.com publication. The trend towards using mobile for payments was mainly attributed to safety and security concerns in the UK, with nearly two-third of surveyed respondents paying via mobile due its heightened security features. A similar trend was also visible in France as of 2021, with more than half of the French adults trusting mobile in order to make payments. Furthermore, contactless bankcard, followed by digital platforms, and mobile payments were among the most trusted payment methods in France. According to the new yStats.com report, the value of digital payments in Italy saw a double-digit growth rate between 2020 and 2021, with value reaching a certain billions of Euros in 2021. Additionally, with the rise in digital payments in Italy, mobile and wearable devices also sparked a keen interest among the Italian consumers. In light of this trend, the value of mobile and wearable payments doubled between 2020 and 2021.
Mobile wallets such as PayPal, Google pay, and Apple pay, were heavily used for B2C E-Commerce purchases across countries in Europe
More than one-third online shoppers in the UK placed a heavy weight on PayPal, or a similar form of digital wallet while making their B2C E-Commerce purchases, as revealed by the new yStats.com report. Furthermore, PayPal also had a substantial presence in the German B2C E-Commerce payment market. Furthermore, it is estimated that Paylib, followed by Apple pay, and Google pay would be the most used payment applications in France in the future. In Spain, PayPal was among the top three payment methods used by more than half of the online shoppers, displaying a growth of certain percentage points between 2020 and 2021, as highlighted in the new yStats.com report. In Italy, too PayPal was used by half of the shoppers involved in online shopping, with Apple pay being used by an exceptionally low percentage of surveyed online shoppers. A contrast can be seen in the emerging countries of Europe such as Czech Republic, where Google pay and Apple pay were the most used mobile payment applications in 2021.