Market Research Report
Western Europe Online Payment Methods 2021
|Western Europe Online Payment Methods 2021|
Published: June 15, 2021
yStats.com GmbH & Co. KG
Content info: 149 Pages
Delivery time: 1-2 business days
Online payment methods followed an upward trend in Western Europe amid COVID-19: new yStats.com report.
The latest publication from Germany-based online research firm yStats.com, "Western Europe Online Payment Methods 2021" provides insights into the current state and future trends of the online payment market in the countries of Western Europe. The publication reveals that consumer interest towards digital payment is increasing in the region and that COVID-19 resulted in a faster transition from cash.
During the COVID-19 health crisis, debit and credit cards and E-Wallets such as PayPal appeared to be the most used payment methods when it comes to E-Commerce. Moreover, in some markets of Western Europe, including Germany and Italy, digital wallets even outpaced the cards. Furthermore, in Germany, Norway, Finland and Sweden direct payments via online banking ranked third among the most preferred payment methods for online shopping. Meanwhile, in Belgium, the Netherlands, and Denmark the third place was taken by various mobile apps, such as Banconect and Swish. Moreover, Bancontact online services accounted for nearly half of all B2C E-Commerce payments in 2020 in Belgium, and Swedish Swish was preferred by one-fifth of the Internet users in the country for online payments, according to recent research cited by yStats.com.
Furthermore, despite the strong cash culture in Western Europe, mobile payment adoption started increasing in the region, especially after the onset of the COVID-19 pandemic. The number of proximity mobile payment users in this part of Europe was predicted to increase steadily by CAGR 6% from 2020 to 2023. At the same time the preference for cash payments dropped compared to 2020. Moreover, contactless payments gained momentum during COVID-19. For example, in the UK, in 2020, every nine in ten purchases made with a card was contactless and, in the Netherlands, the share of contactless is increasing yearly, and in 2020 it constituted more than half of the total transaction value.
Paypal, Klarna, Stripe, Robinhood, Checkout.com, Sentenial, Unifiedpost Group, Crossinx GmbH, Amazon Pay, Bancontact, VIPPS, American Express, Apple Pay, Google Pay, Ingenico, Glovo, Farfetch, Mango, Veepee, Nuapay, Mastercard, Visa, Clearpay, Openpay, LayBuy, Splitit, iDeal, Bankgirocentralen, Bankgirot, Danske bank, Handelsbanken, Nordea, Swedbank, SEB, OP Financial Group.