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Increase of alternative Payment Methods in European E-Commerce
In Europe, credit cards are still the most popular payment method in E-Commerce, followed by online payment systems and bank transfers. New regulations and the SEPA (Single Euro Payments Area) initiative were introduced to make online payments within Europe more uniform and easier. Overall, one quarter of all consumers in Europe place a great deal of confidence in online payments.
Credit Card Payments in many European Countries the most popular online Payment Method
In the UK, credit cards were the most frequently used online payment option in 2012, followed by debit cards. In France, credit and debit cards were generally preferred, while payment by invoice was the number one payment method in Germany and Switzerland. The company Visa plans to launch "V.me", its mobile payment service, in the fall of 2012 in the UK, France and Spain - where Internet users' preferred payment option was also credit cards in 2011 - as the first European markets. In Austria, where bank transfers were the most favored payment method in E-Commerce, PayPal has experienced a strong growth in recent years.
Cash Payment Alternatives on the Rise in Eastern Europe
The "Europe Online Payment Methods 2012" report by yStats.com shows clearly that - although in Eastern Europe, payment via Cash-on-Delivery (COD) was widespread - other payment options have increased in popularity. In Russia, the number of E-wallets increased slightly, but their transaction volume very strongly between 2010 and 2011, while in Romania credit cards were used in the first nine months of 2011 by nearly 15% more than in the same period the previous year. In this context, Yandex.Money, the leading E-wallet service in Russia, and Earthport announced their partnership in 2012.
In Scandinavia, online payment method preferences vary. While online shoppers in Sweden and Finland preferred payment by invoice in 2011, in Denmark and Norway credit card payments dominated in E-Commerce transactions, clearly ahead of other payment options.
The predominance of credit cards in European online payment markets is increasingly challenged by alternative and mobile payment systems.
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