Western Europe Online Payment Methods Market Report

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Dublin, June 30, 2021 (GLOBE NEWSWIRE) — The “Online Payment Methods in Western Europe 2021” report has been added to from ResearchAndMarkets.com offer.

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

Western European consumers still tend to choose cards for online purchases

During the COVID-19 health crisis, debit and credit cards and e-wallets such as PayPal have emerged as the most used payment methods for e-commerce. Moreover, in some Western European markets, including Germany and Italy, digital wallets have even overtaken cards.

Additionally, in Germany, Norway, Finland and Sweden, direct payments via online banking rank third among preferred payment methods for online purchases. Meanwhile, in Belgium, the Netherlands and Denmark, the third place was taken by various mobile applications, such as Banconect and Swish.

Additionally, Bancontact online services accounted for almost half of all B2C e-commerce payments in Belgium in 2020, and Sweden’s 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 are accelerating in Western Europe

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

At the same time, the preference for cash payments has dropped compared to 2020. Additionally, contactless payments have gained momentum during COVID-19. For example, in the UK in 2020 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 accounted for more than half of the total transaction value.

Report cover

  • 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 remote and proximity payments.
  • Major countries in the region are covered, while data availability varied by market.
  • The report includes data mostly published within the last 12 months. The exact publication date of the source is indicated on each card. The period to which the data refer differs depending on the source.

Report Structure

  • The global chapter opens the report, presenting an overview of global developments in online and mobile payment.
  • Next, information on European regional development and country comparisons 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, breakdown of e-commerce sales by payment methods, security and fraud trends of online payments, number and value of online/mobile payment transactions, mobile payment user penetration and consumer awareness of innovative means of payment. Not all types of information mentioned are available for each of the countries covered.

Main topics covered:

1. Management Summary

2. Global developments

  • Top online payment methods, % of respondents, August 2020
  • Top payment methods consumers plan to use in the next year, % of consumers, March 2021
  • Top payment methods available, by B2C and B2B, as % of payment decision makers, 2020
  • Share of m-commerce transaction value, as % of overall e-commerce transaction value, 2021e and 2025f
  • Share of QR code payments, as % of all digital wallet transactions, 2020 and 2025f
  • Perception of cryptocurrency, % of millennial customers, March 2021
  • Top payment methods for fraudulent actions, % of fraud and payments professionals, August 2020
  • Value of losses due to e-commerce fraud, in billion USD, 2020 and 2021e
  • Number of users making payments with facial recognition, in billions, 2020 and 2025f
  • Number of users who will confirm transactions with voice recognition, in millions, 2020 and 2025f
  • Share of consumers online, by likelihood of switching to a digital-only bank, % of respondents, December 2020

3. Europe
3.1.Regional

  • Overview of online and mobile trends, June 2021
  • Overview of news from players in the payment 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
  • Values ​​of real-time payments, in billions of dollars, and Western Europe’s share of the world total, in %, 2020 and 2025f
  • Share of SCT Inst in all SEPA credit transfer transactions, October 2019-September 2020
  • Average daily value of transactions via RT1 real-time payments, in millions of euros, and monthly change, in %, January 2020-November 2020
  • Top preferred payment methods, % of respondents, September 2020
  • Breakdown of preferred payment methods when shopping online, as a % of consumers, by 12 selected countries, May 2020
  • Breakdown of selected payment methods offered by merchants, by “growth” and “non-growth” mindset of merchants, in %, September 2020
  • Consumers who made at least one online purchase via mobile phone/tablet, by 12 selected countries, as % of consumers, May 2020
  • Payment behaviors when shopping in stores affected by COVID-19, in % of respondents, September 2020
  • Consumers ready to share their data, by country, in % of consumers, March 2020
  • Distribution of organizations where consumers share their personal data, by degree of willingness, in % of consumers, March 2020
  • Mobile proximity payment users, in millions, and annual variation, 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 cited

  • Amazon payment
  • American Express
  • Pay Apple
  • Bancontact
  • Bankgirocentralen
  • Bankgirot
  • Checkout.com
  • Clearpay
  • Crossinx GmbH
  • Danske bank
  • Farfetch
  • Glovo
  • Google Pay
  • Handelsbanken
  • ideal
  • Ingenico
  • Klarna
  • LayBuy
  • Mango
  • MasterCard
  • Nordea
  • nuapay
  • OP Financial Group
  • openpay
  • PayPal
  • Robin Hood
  • Seb
  • sentential
  • Separate it
  • Bandaged
  • Swedbank
  • Unified Extension Group
  • Vipip
  • VIPPS
  • Visa

For more information on this report, visit https://www.researchandmarkets.com/r/430sv9


        
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