Credit Cards Still King, But Europeans Increasingly Turning to Alternative Payments Online
Aug. 13, 2012
A German research firm is reporting that Europeans increasingly are turning to alternative payments online, though payment via credit and debit cards still tops most European markets. According to yStats.com, new regulations and the implementation of the Single Euro Payments Area (SEPA) seem to have resulted in elevated consumer confidence in online payments.
Even in the most established European economies, the preferred mode of online payment varies, according to the report. Consumers in the U.K. and France prefer credit and debit cards. Germans, on the other hand—along with the Swiss—prefer payment by invoice. In Eastern Europe, payment via cash-on-delivery was widespread, the report said, but other payment options have increased in popularity including e-wallets in Russia and credit cards in Romania.
The yStats.com report supports other recent research which indicates alternative payments worldwide are surging, perhaps in tandem with mobile payments.