Western Europe Online Payment Method Market Report 2021: Consumer Interest in Digital Payment Grows – ResearchAndMarkets.com

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DUBLIN – (COMMERCIAL THREAD) – The report “Online payment methods in Western Europe 2021” has been added to ResearchAndMarkets.com offer.

“Western Europe Online Payment Methods 2021” provides an overview of the current state and future trends of the online payments market in Western European countries. The publication reveals that consumer interest in digital payment is increasing in the region and that COVID-19 has resulted in a faster cash transition.

Consumers in Western Europe still tend to choose cards for online shopping

During the COVID-19 health crisis, debit and credit cards and e-wallets such as PayPal appeared to be the most widely used payment methods in e-commerce. What’s more, in some Western European markets, including Germany and Italy, digital wallets have even overtaken cards.

In addition, in Germany, Norway, Finland and Sweden, direct payments through online banking services rank third among the preferred payment methods for online purchases. Meanwhile, in Belgium, the Netherlands and Denmark, the third place was occupied by various mobile applications, such as Bancontact and Swish.

In addition, Bancontact’s online services accounted for almost half of all B2C E-Commerce payments in 2020 in Belgium, and Swedish swish was preferred by a fifth of Internet users in the country for online payments, according to a recent study. cited by the analyst.

Contactless and mobile payments accelerate in Western Europe

Additionally, despite the strong cash culture in Western Europe, mobile payment adoption has started to increase in the region, particularly after the start of the COVID-19 pandemic. The number of proximity mobile payment users in this part of Europe is expected to increase steadily by 6% CAGR from 2020 to 2023.

At the same time, the preference for cash payments has declined compared to 2020. Additionally, contactless payments have gained momentum during COVID-19. For example, in the UK in 2020 all nine out of ten purchases made with a card were contactless and in the Netherlands the share of contactless is increasing every year, and in 2020 it was more than half of the total value of transactions.

Cover of the report

  • This report covers the online payment market in Western Europe. It takes into account a broad definition of online payment, including payment methods used in online shopping and mobile payment, such as distance and proximity payments.

  • Major countries in the region are covered, while data availability varies by market.

  • The report includes data released mostly within the past 12 months. The exact date of publication of the source is indicated on each map. The time period to which the data refer differs depending on the source.

Structure of the report

  • The Global Chapter opens the report, providing an overview of global developments in online and mobile payments.

  • Then, information on European regional development and comparisons by country are included.

  • The rest of the report contains country specific information. Western European countries are presented in descending order of B2C E-Commerce sales.

  • Depending on data availability, the following types of market information are included: payment methods most used by online shoppers, distribution of e-commerce sales by payment method, security and fraud trends of online payments, number and value of online / mobile payment transactions, mobile payment user penetration and consumer awareness of innovative payment methods. Not all of the types of information mentioned are available for each of the countries covered.

Main topics covered:

1. Executive summary

2. Global developments

  • Main online payment methods, in% of respondents, August 2020

  • Top payment methods consumers plan to use next year,% of consumers, March 2021

  • Main payment methods available, by B2C and B2B, in% of payment decision makers, 2020

  • Share of the value of mobile commerce transactions, as a% of the total value of e-commerce transactions, 2021e and 2025f

  • Share of QR code payments,% of all digital wallet transactions, 2020 and 2025f

  • Perception of cryptocurrency,% of millennial customers, March 2021

  • Main payment methods for fraudulent actions, in% of fraud and payment professionals, August 2020

  • Value of losses due to e-commerce fraud, in billion USD, 2020 & 2021e

  • Number of users making payments with facial recognition, in billions, 2020 and 2025f

  • Number of users who will confirm transactions with speech recognition, in millions, 2020 and 2025f

  • Share of online consumers, by probability of switching to a digital-only bank,% of respondents, December 2020

3. Europe

3.1 Regional

  • Online and mobile trends snapshot, June 2021

  • Overview of news on players in the payments industry, June 2021

  • Overview of the Council of the European Union’s plans for the payment system, June 2021

  • Real-time payments profile and European Commission targets for 2021, June 2021

  • Real-time payment values, in trillions of USD, and share of Western Europe in the world total, in%, 2020 and 2025f

  • Share of SCT Inst in all SEPA transfer transactions, October 2019-September 2020

  • Average daily value of transactions via RT1 real-time payments, in millions of euros, and monthly variation, in%, January 2020-November 2020

  • Main preferred payment methods,% of respondents, September 2020

  • Distribution of preferred payment methods when shopping online, in% of consumers, by 12 selected countries, May 2020

  • Breakdown of certain payment methods offered by merchants, by merchant “growth” and “non-growth” mindset, in%, September 2020

  • Consumers who have made purchases online via mobile phone / tablet at least once, by 12 selected countries, as% of consumers, May 2020

  • Payment behavior when shopping in stores impacted by COVID-19, in% of respondents, September 2020

  • Consumers willing to share their data, by country,% of consumers, March 2020

  • Distribution of organizations where consumers share their personal data, by degree of willingness, in% of consumers, March 2020

  • Proximity mobile payment users, in millions, and year-over-year change, in%, 2019 – 2023f

3.2 Western Europe

3.2.1. UK

3.2.2. Germany

3.2.3. France

3.2.4. Spain

3.2.5. Italy

3.2.6. Netherlands

3.2.7. Switzerland

3.2.9. Belgium

3.2.10. Norway

3.2.11. Denmark

3.2.12. Finland

3.2.13. Austria

3.2.14. Portugal

Companies mentioned

  • Amazon Pay

  • American Express

  • Apple Pay

  • Bancontact

  • Bankgirocentralen

  • Bankgirot

  • Checkout.com

  • Clearpay

  • Crossinx GmbH

  • Danske Bank

  • Farfetch

  • Glovo

  • Google pay

  • Handelsbanken

  • ideal

  • Engineer

  • Klarna

  • LayBuy

  • Mango

  • MasterCard

  • Nordea

  • Nuapay

  • OP Financial Group

  • Openpay

  • Pay Pal

  • Robin Hood

  • Seb

  • Sentinel

  • Separate it

  • Bandaged

  • Swedish bank

  • Unified Extension Group

  • Veepee

  • VIPPS

  • Visa

For more information on this report, visit https://www.researchandmarkets.com/r/jga8iq


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