As cash usage continues to decline, consumers are embracing digital payment options for in-store purchases. According to the report, consumers globally are gradually shifting back to in-store shopping but are opting for digital payment methods like contactless payments and digital wallets.
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GLOThe Europe POS Payment Methods 2023 report has been added to ResearchAndMarkets.com’s offering.
The report sheds light on the changing landscape of point-of-sale (POS) payment methods in Europe, providing insights into emerging trends, consumer preferences, and the adoption of digital payment solutions.
Shift Towards Digital Payments:
As cash usage continues to decline, consumers are embracing digital payment options for in-store purchases. According to the report, consumers globally are gradually shifting back to in-store shopping but are opting for digital payment methods like contactless payments and digital wallets. In April 2022, 52% of consumers preferred to use less cash, while 36% opted for contactless payment methods. To meet this demand, businesses are moving away from traditional POS systems and adopting advanced technologies such as smart POS, soft POS, and mobile POS (mPOS).
Contactless Cards on the Rise:
In Europe, the usage of contactless credit and debit cards has experienced significant growth. Over 60% of card payment transactions at POS in Europe were contactless in 2022. Countries like Finland, Netherlands, Belgium, and Luxembourg are leading this trend, with a high share of card payments being contactless. While cash remains a dominant payment method for in-store transactions (preferred by 59% of respondents as of June 2022), alternative POS payment methods such as QR code payments, digital wallets, and payments via loyalty programs are gaining traction.
UK’s Mobile Payment Growth:
In the UK, debit cards and cash remain the top two most used POS payment methods as of April 2022, with cash being preferred by almost half of shoppers. However, proximity mobile payments in the UK are projected to see significant growth, with an estimated 16 million proximity mobile payment users by 2026. Mobile wallet usage through retailer mobile apps, like Apple Pay or Google Pay, is also on the rise.
Germany’s Contactless Card Usage:
Germany has also witnessed a surge in contactless card usage at POS, accounting for nearly three-quarters of all card payment transactions in 2022. The Giro card dominates the POS payment landscape in Germany, representing 42% of all card payments used at POS, followed by credit cards at 6%.
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Source: Research and Markets
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