European Union: credit cards stand as prime payment method in B2C ecommerce

Thursday 22 May 2014 13:49 CET | News

Credit cards still dominate the B2C ecommerce market across the European Union and will keep its leading position in the near future, according to the “Global Online Payment Methods: First Half 2014“ report issued by the German secondary research organization,

Cards take hold of the major share of the B2C ecommerce transactions in Europe, while digital wallets come next in place. European Union legislators are developing electronic payments regulations by integrating aspects such as security.

Online payment contributes the largest share to card payment growth in the UK, with an annual growth rate of over 10%. Contactless cards’ value of payments in the UK exceeded GBP 100 million in early 2014. In France, credit card remains the most preferred payment method in B2C ecommerce and is followed by PayPal. The year-on-year growth of online credit card payments in France slowed to a single-digit percentage in early 2014. Online card spending in Italy increased year-on-year in every month of 2013, while in Spain, the two payment methods most used in online shopping in 2013 were bank credit card and PayPal.

Credit card was the most preferred payment method in both B2C ecommerce and m-commerce in Sweden, though the share of online shoppers that prefer credit card decreased between 2012 and 2013. Card use kept the lion’s share in payments in Denmark and Norway in both B2C ecommerce and m-commerce, while in Finland online bank transfer was ahead of cards.

However, in Germany, invoice keeps it domineering seat as a payment method in online shopping, which is acknowledged as secure and convenient. Still, credit card and digital wallets, are expanding. In Austria, the leading method both in m-commerce and B2C ecommerce was credit card, while online shoppers in Switzerland most used invoice in online shopping and credit card in mobile shopping.

In Estonia B2C ecommerce transactions with bank cards are significant, with cross-border transactions by far outweighing the domestic ones.

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Keywords: EU, credit card, debit card, online payments, B2C, ecommerce, digital wallet, m-commerce
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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