Europe Online Payment Methods Report 2023 - Europe Witnesses Shift of Consumers from Conventional Card-based Online Payment Methods to Alternative Payment Methods
European nations witness shift of consumers from conventional card-based online payment methods to alternative payment methods
As the global cashless era gains momentum, the total transaction value of digital wallets are projected to surge beyond EUR 10 trillion by 2028, at a remarkable CAGR of +12% between 2023 and 2028. Despite digital wallets' rise, Europe's payment landscape remains diverse, with each country showcasing varying preferences. In the Netherlands, iDEAL reigns supreme, constituting 70% of online purchases as of April 2023.
Notably, contactless payments have seen widespread adoption, especially among the 25-34 age group, with a preference rate of 77% as of December 2022. Switzerland has become a stronghold for mobile payments, commanding the highest share in both volume (57%) and value (31%) for online transactions as of November 2022. Hungary is witnessing significant progress, with an estimated 80% of online stores now offering payment card and e-wallet solutions like Apple Pay and Simple Pay in 2023. As Europe's online payment market evolves, driven by technological advancements and innovative methods, it promises a dynamic future that shapes the way consumers pay and businesses operate.
Biometric authentication experiences tremendous growth potential as data security becomes a major issue
As consumers worldwide increasingly shift towards using online payment methods, they are also entrusting their financial data to various companies and payment service providers. This trend has resulted in the rise of payment-related frauds and scams, making data privacy and security paramount concerns for stakeholders in the payment industry. Notably, over half of the surveyed consumers expressed discomfort in sharing their financial data for online payments as of April 2023, according to the latest publication.
In Germany, most respondents prioritized security and privacy when selecting a payment method, whereas in France, protection of privacy and data emerged as a leading consideration for over three-quarters of respondents during the checkout process. In response to this evolving landscape, payment authorities are actively exploring biometric authentication methods, including fingerprint, iris recognition, and voice recognition, among others, to enhance payment security. Moreover, there is a growing expectation that the future will witness the widespread adoption of digital IDs and virtual cards, further fortifying the safety and security of digital payments.
Questions Covered
What is the forecasted value of digital wallet transactions globally by 2028?
What is the number of cashless payment users in Europe as of 2023?
What is the forecasted number of proximity mobile payment users in the UK in 2026?
What was the number and value of contactless mobile transactions in Turkey as of Q1 2023?
Key Topics Covered:
1. Key Takeaways of Europe Online Payment Methods, July 2023
2. Management Summary
3. Global
Overview of Online Payment Market & Trends, July 2023
Value of Contactless Payment Transactions, in USD trillion, 2022 & 2027f
Value of Digital Wallet Transactions, in USD trillion, 2023e & 2028f
Total Number of OEM Pay E-Commerce Transactions, in USD billion, Growth in Transactions, in %, & Average Transaction Volume Per OEM Pay User, in USD, 2026f
Share of OEM Pay Transactions Coming via Purchases of Digital Goods, in %, 2026f
Preferred Online Payment Methods For E-Commerce Purchases, in % of Adults, June 2022
Top Reasons Because of Which Respondents Are Likely to Abandon Checkout, in % of Adults, June 2022
Most Accessible vs Most Preferred Online Payment Method, in % of Adults, June 2022
Share of Consumers Agreeing With the Following Statements Related to Security of Online Payment, in %, April 2023
Share of Consumers Agreeing With the Following Statements Related to Digital and Mobile Wallet, in %, April 2023
Top Consumer Expectations at Checkout When Making Online Purchases, incl. "Payment Methods", in % of Respondents, October 2022
Preferred Payment Method When Shopping Online, in % of Respondents, October 2022
4. Europe
4.1. Regional
Overview of Online Payment Market & Trends, July 2023
Payment Methods That Were Used at Least 5 Times a Month, in % of Respondents, September 2022
Breakdown of Digital Wallet Attributes That Respondents Value the Most, in % of Respondents, September 2022
Breakdown of Primary Payment Methods For Online and In-Person Purchase of Large Products and Services, in % of Respondents, September 2022
Breakdown of Primary Payment Methods For Online and In-Person Purchases of Small Items, in % of Respondents, September 2022
Importance of Having the Preferred Payment Method During Domestic or International Online Shopping, in % of Online Shoppers, August 2022
Reasons For Cart Abandonment During Online Shopping, in % of Online Shoppers, August 2022
Breakdown of Number and Value of Online Payments, by Payment Instrument, in % of All Online Payments, June 2022
Breakdown of Online Payments, by Value of Purchase and Payment Instrument, in % of All Online Payments, June 2022
Breakdown of Payment Instruments Used For Online Payments in Terms of Number of Payments, by Countries, in % All Online Payments, June 2022 (1 of 2)
Breakdown of Payment Instruments Used For Online Payments in Terms of Number of Payments, by Countries, in % All Online Payments, June 2022 (2 of 2)
4.2. UK 4.3. Germany 4.4. France 4.5. Spain 4.6. Italy 4.7. Netherlands 4.8. Switzerland 4.9. Sweden 4.10. Belgium 4.11. Norway 4.12. Denmark 4.13. Finland 4.14. Austria 4.15. Russia 4.16. Poland 4.17. Turkey 4.18. Portugal 4.19. Hungary 4.20. Ukraine 4.21. Bulgaria 4.22. Croatia
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