Europe Online Payment Methods 2021

Europe Online Payment Methods 2021

Online payments are gaining momentum amid COVID-19, and security issues play a special role: new yStats.com report.

The latest publication from Germany-based online research firm yStats.com, “Europe Online Payment Methods 2021” provides insights into the current state and advances of the online payment market in the European region. Among other findings, the publication reveals that despite consumers in Europe still tending to choose traditional payment methods for online shopping, there were some others that gained special attention during the COVID-19 health crisis.

Cards and digital wallets are still the most used online payment methods in Europe

Despite the acceleration of various alternative payment methods during the COVID-19 pandemic, European consumers still tend to choose more traditional ones when it comes to online shopping. With that, credit and debit cards are the first choice in many markets in the regions. However, in some markets, E-Wallets even outpaced cards. This was the case, for example, in Germany, Italy, and Poland, according to recent research cited by yStats.com. Alternative means of payment such as Buy Now Pay Later also are gaining in popularity. In Europe, on average, one in five merchants in select European countries offered the BNPL option in 2020, with “growth mindset” businesses even more likely to do so. Moreover, on a country-level, in Germany, about half of consumers who were aware of the existence of this payment method in 2020, had already used it, and around one-third were planning to use it in 2021. Payments using cryptocurrency are developing rather slowly in Europe, however, there are still some signs of an upward trend in usage in the future.

Security, convenience, and speed of payment were the top requirements for payment providers

For the European online shoppers, three factors played a special role in selecting a payment method: security, simplicity, and speed of payment, according to surveys referenced in the yStats.com report. Moreover, for shoppers from Germany and Spain, security was the top requirement among payment providers, whereas digital buyers from the UK appreciated ease of payment and conveniency the most.