Europe Online Payment Methods: Full Year 2014

LONDON, March 23, 2015 /PRNewswire/ -- Online and mobile payments worldwide are forecasted to top three trillion Euros in the next five years. Mobile payment is the growth leader, outpacing online and the total payments market, with further growth expected following the launches of varying mobile payment solutions, including Apple Pay. Fast and one-touch checkout is a trend on the global online and mobile payment market, with one-touch solutions released by Amazon, PayPal and Apple Pay. Another trend is large payment companies preparing to separate from their E-Commerce parent companies. EBay announced plans to spin off PayPal, while Alibaba revealed that it will let Alipay go public after Alibaba's own IPO. The players that have intensified their efforts on the payments markets in 2014 are social networks and messengers, with Twitter, Facebook and Snapchat launching peer-to-peer payments.

The world's third largest region by B2C E-Commerce sales shows wide diversity in terms of payment methods used in online shopping. While non-cash payment methods, especially credit cards, dominate in the Western sub-region, cash on delivery and various alternative methods are most used in Eastern European countries. Both sub-regions show potential for mobile payments growth.

Europe's largest online market, the UK, was dominated by credit and debit cards in terms of payment methods in 2014, while a quarter of online shoppers dropped the purchasing process if their preferred payment method in not offered. In Germany, invoice remained the leading payment method, while PayPal increased its share. The payment method used the most by online shoppers in France was "Bank Card" at the beginning of 2014, followed by "Online Payment Service".

In Russia, while cash remained the most used payment method in online shopping, half of Internet users already have experience with online payments and a significant share plans to do so more. In Hungary, Romania and Belarus, cash on delivery was likewise the most used method. However, there are also exemptions to this trend in Eastern Europe: in Turkey card payment dominated and grew rapidly in 2014.
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