Credit cards and digital wallets are still the mainstream form of payment for e-commerce platforms in the region, according to a recent report on online payment trends in Europe.
Credit cards, debit cards and PayPal are the payment methods for 75% of e-commerce sales in the European market in 2018, according to the report. However, there are also significant differences in the preferences of online consumers in different countries. In the Netherlands, for example, online banking iDEAL is far more popular than e-wallets and bank cards. In Poland, local fast transfer services such as PayU and Prezelewy24 are leading the curve.
While Europe lags behind other global regions in mobile payment adoption, such as the Asia-Pacific region, payments for smartphones, tablets and wearable devices are increasing, according to the report. Scandinavian countries and the UK are among the representatives of this trend, especially when making mobile payments in stores. In addition, consumers in emerging European economies are showing some interest in mobile wallets. In Russia, connected use of Google Pay, Apple Pay and Samsung Pay has seen double-digit growth.
Overall, the survey data cited in the report indicate that online consumers across Europe want a variety of payment options at checkout. More than a fifth of French consumers prefer credit CARDS when paying online. In addition, three-quarters of UK buyers prefer e-commerce platforms with multiple payment options. At the same time, consumers are wary of the security of online payment details. A double-digit percentage of Spanish consumers attach great importance to the speed and fluency of the payment process, with more than 50% of Swedish consumers trying to avoid entering detailed bank card information on the e-commerce website.