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yStats.com research reveals differing attitudes toward online payment methods across Europe
A new report “Europe Online Payment Methods: Second Half 2016,” from Germany-based secondary market research firm, yStats.com, highlights the preferences of online consumers in connection to payment options. It also provides information about online as well as mobile payment developments and recent market trends.
European online shoppers expect many different payment options from E-Commerce retailers. yStats.com’s report suggests that mixing payment options is necessary to maintain a share in this competitive region. A survey cited in this report reveals that over 50% of online consumers in Germany and nearly one in four digital buyers in the UK have halted their purchase due to a lack of preferred payment method availability.
Bank cards are the preferred choice in countries like the UK, France, as well as Belgium, according to a regional survey cited in yStats.com’s publication. In contrast, a larger double digit share of online consumers in Germany and Italy are more partial to E-Wallet providers like PayPal, in comparison to traditional online bank card payments. What’s more, in the Netherlands, iDEAL maintains the highest share of E-Commerce purchases, whereas in Eastern Europe, online buyers tend to prefer payment on delivery.
The yStats.com research also reveals that only a small share of retail payments in Europe were completed via mobile devices. Mobile wallets such as Apple Pay have not yet gained wide acceptance in places such as Germany, Italy, and the UK. In contrast though, in Sweden in 2016, almost all Internet users were aware of Swish, a mobile payment service, with over half of them utilizing it.
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