The use of cards has expanded over the past few years to be the preferred payment method for both consumers and merchants thanks to the significant benefits it offers compared to other payment methods. For consumers, benefits include convenience (49%), speed (35%), complimentary insurance (36%), retailer acceptance (40%) and cash back on purchases (35%).
Merchants overwhelmingly believe that card payments are more cost effective compared to cash payments, due to the labour and risk involved with cash. Almost two thirds of merchants (61%) argue that card payments are the most convenient for them. The main benefits compared to other payment methods include guaranteed payment (53%), increased sales (44%) and access to a broader customer base (38%).
As each payment method has different features and functionalities, consumers and retailers alike are increasingly choosing the method that is best for them or for a specific transaction, the research from Payments Europe, a trade association established in Brussels, shows.
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