The increase in the use of mobile devices and in general the consolidation of new technologies have been transforming in recent years the way in which we buy and make our payments. Electronic commerce has gained a lot of ground over physical commerce, and therefore cash has been giving way to other new and alternative payment methods, perhaps more comfortable, but above all safer, in which the Internet and smartphones have a lot to do with it. The choice of one or the other is determined, in any case, by the different markets.
In this regard world leader in, has carried out a study in which these payment solutions currently used in European countries are analyzed. We collect some interesting data from it, especially those that have to do with payment methods in Spain.
Electronic payment method preferences in Spain
If we look at the graph below, we can see by percentage which are the most used means of payment in our country. 67% of consumers use credit or debit cards to make their payments online. 19% use wallets, apps that work as a kind of virtual wallet, among which are some as popular as PayPal, Google Pay, Apple Pay, Alipay, Samsung Pay, etc. 5% do it against reimbursement, and the remaining 9% use other modalities.
If we compare with other European countries, we can see that credit or debit cards also continue to dominate electronic payments in and . In the Netherlands they are the second most used payment method, and in Germany they are towards the bottom; above other payment methods such as Paypal / Wallets or direct debits (SDD).
but let’s go back to the case of Spain. What conclusions can we draw?
- Card payments are the ones that currently dominate the electronic payment sector in our country.
- The growth of the market is 17% per year.
- In general, Spanish consumers still do not feel completely safe with online payments, although 62% represent buyers through eCommerce.
- The average annual expenditure per consumer is 1,077 euros.
Payment methods in other European countries
The Ingenico ePayments study also throws up curious data on other European countries. Let’s see what the means of payment are in three of them.
France
The main method of payment in France is the credit/debit card, with 85%. It is followed by applications such as Paypal or Wallets (8%) and other media (6%).
The growth of the electronic market in this country is 13.5%, and online consumers already represent 76% of the population. Likewise, the average expenditure per consumer is 1,969 euros.
United Kingdom
In the United Kingdom, payment by credit/debit card is also predominant (63%), followed by payments with Paypal/Wallets (23%), bank transfer (5%) and other means. In this case, online consumers represent 88% of the population, and the average expenditure is 1,157 euros per consumer.
Germany
The state of the means of payment in Germany changes radically with respect to the two previous countries and Spain. Here the use of credit/debit cards represents 12%. Above, direct debits (SDD) and Paypal or Wallets, and below bank transfer and other means.
Regarding the growth of the online market, the percentage is a little lower than in the other two countries (10%). Also the average cost per person (883 euros).
As you can see, despite being part of the same common market, each country has specific features in terms of online payments to which it is necessary to adapt in order to operate successfully. In fact, beyond these three large markets, there are other relevant countries at European level, which have means of payment that do not operate in the rest of the Union, as in the cases of either in Holland.
Evolution of online payment methods in the future
What are the trends that come in electronic payments? In reality, innovative changes in the use of payment methods are not expected in the coming years, but a remarkable evolution.
To begin with, the use of credit/debit cards will drop, and the number of instant payment, a new way to send money and pay instantly in the EU, without the waiting time of bank transfers, which received a big boost after the
Curious is the case of the wallets. Strong growth is expected until 2022, however, after this approximate date its use could decrease slightly. The following graph shows it in a very clear way. Other systems, such as those based on tokenization (encryption) of credit card data will represent 12% of total spending through electronic means of payment.
You can learn about these and other aspects of electronic means of payment on the website of
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