While the UK and France may prefer credit cards and e-wallets, the rest of Europe would rather pay in other ways when buying things online.
E-commerce is growing tremendously across Europe. In order to tap into how to best tap into the opportunities of trading online, companies should know how their customers want to pay for things.
A new report from ResearchAndMarkets.com suggests that buyers in the UK and France prefer card payments and E-Wallets like PayPal, while a major share of digital buyers in selected Eastern European countries chose to pay on delivery. In German-speaking nations, payment by invoice ranks high, while Dutch digital buyers predominantly use online banking method iDEAL.
The researchers also noted that people are becoming more prone to paying for things with their mobile phones. The Nordics had the highest mobile payment penetration rates in Europe.
That is hardly surprising that Sweden, which is leading the Scandinavian FinTech scene, is almost cashless these days. Only 13% of Swedes used physical money for their last purchase and 60% thought that they might have used it sometime in the last month, according to Sveriges Riksbank’s 2018 payment pattern report.
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