The payments landscape of Europe keeps evolving, and although new players have entered the market, cards are still providing more added value than any other payment method there is. Payments Europe recently surveyed both consumers and retailers, and this is what they found out.
The results of the study, found here, may not come as a complete surprise, as this association is formed by card-based payment solution providers and aims to represent the card-based payments industry in Europe.
Consumer And Retailer Benefits
Card payment has been available for ages, but still, almost 9 out of 10 consumers in Europe feel comfortable paying by card, while 90% of retailers say the benefits of card payments outweigh any associated costs. That's according to ecommercenews.eu, and for consumers, benefits include convenience (49%), speed (35%), complementary insurance (36%), retailer acceptance (40%) and cash back on purchase (35%).
For retailers, the main benefits of card payments compared to other methods are guaranteed payment (53%), increased sales (44%) and access to a broader customer base (38%).
Payment Methods And Their Uses Online
One of the questions in the survey was "how would you divide the following methods you use to make payments online?". Debit and/or prepaid cards were the most popular, with 33%, followed by Fintech mobile/online applications (20%), credit card (19%) and banking mobile/online applications (16%).
Europe's Market Is Competitive
"Consumers and retailers have access to a broad spectrum of payment methods, but cards – both physical and virtual – still rate as the highest among the different payment options", says Hendrik Frank from Deutsche Kreditbank. "This demonstrates that Europe has a competitive payments market in which the card industry continues to deliver value to end-users."