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Online payments growing in acceptance

The acceptance of online payment methods is increasing in Europe, according to a new survey by Hamburg-based research firm yStats.com.

It was also noted that the use of mobile devices in the online buying process is growing within Europe along with other areas of the world.

Europe Online Payment Methods 2013 – Second Half 2013 predicted that the share of alternative payments, including mobile and e-wallets, will gradually increase from just one per cent of total payments in 2010 to a double digit share in 2020.

Both online and mobile payments are well established in Central Europe and growth looks set to continue, with mobile payments used by more than ten per cent of consumers in 2012.

In the Western Europe sub-region the value of mobile payment transactions is expected to grow by half in 2013 over last year, while in the UK, it was found that online shoppers are increasingly paying with debit cards, with online debit card spending overtaking that of credit card in 2012.

By Gary Cooper