News report reveals surge in demand for digital payments

Tuesday 15 June 2021 07:57 CET | News

UK-based payments provider has issued a report revealing growing consumer demand for digital wallets, QR codes and crypto payments.

The data comes from a new report, The New State Of Retail, from cloud-based global payment solutions provider, which gathered the views of 10,000 European consumers and 550 senior executives at Europe’s top ecommerce retail organisations.

The study reveals that across Europe, three-quarters (74%) of consumers have no intention to significantly reduce their online shopping now that they can revisit the high street. Ecommerce retail leaders agree as three-quarters (75%) believe the future of shopping is solely online.

Merchants are taking action to ensure they keep pace with the changing retail landscape. One-quarter (25%) say they are creating new local fulfilment centres to meet demand, whilst half (50%) have responded to increased cross-border demand since the start of the crisis by expanding the range of payment methods they offer. Yet, 60% of ecommerce merchants feel they still don’t have the payment insights needed to drive better performance. 

Online shopping is now ubiquitous across European households, study shows. Consumers are increasingly seeking new ways of paying online and using financial services to empower themselves, whether this is through new solutions for credit, budgeting, or security. The report reveals that the growing demand for new and emerging digital payments is set to soar: three in 10 (31%) Brits plan to purchase with Buy Now, Pay Later in the next 12 months. 80% of European consumers intend to use a digital wallet such as Apple Pay, Google Pay or PayPal in the next 12 months and 40% plan to do so regularly.

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Keywords: study, survey, ecommerce, BNPL, cross-border ecommerce
Categories: Payments & Commerce | Ecommerce
Countries: Europe
This article is part of category

Payments & Commerce