Contactless and Mobile Revolution: Europe's POS Payment Methods Embrace a New Era of Convenience

DUBLIN, Aug. 11, 2023 /PRNewswire/ — The “Europe POS Payment Methods 2023” report has been added to ResearchAndMarkets.com’s offering.

Research_and_Markets_Logo

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%.

Key Questions Addressed in the Report: 

  1. What percentage of global decision-makers plan to deploy mobile POS technology for in-store shopping by 2027?
  2. What is the forecasted total volume of global soft POS by 2027?
  3. What is the current progress of contactless payment at POS in Europe?
  4. What percentage of UK respondents used retailer mobile apps to pay via Apple Pay or Google Pay as of February 2023?
  5. What is the forecasted number of P2P mobile payment users in France by 2026?

Key Topics Covered:

1. Management Summary

2. Global

  • POS Methods Overview and Trends, June 2023 
  • Overview of Sustainability Initiatives by Payment Providers, June 2023
  • Overview of Enhanced Security Measures at POS, June 2023
  • Share of Retail Sales Growth vs Retail E-Commerce Sales Growth, in % Change, 2022-2026f
  • In-Store Shopping Attributes That Respondents Find Appealing, in % of Respondents, 2022
  • Top Changes in Payment Habits, in % of Respondents, April 2022
  • Preferred Payment Methods For In-Person Transactions, in % of Respondents, April 2022
  • Share of Shoppers Using Self-Checkouts During In-Store Purchases, in % of Respondents, July 2022
  • Share of Shoppers Using Mobile Cashless Payments During In-Store Purchases, in % of Respondents, July 2022
  • Top Technology That Decision Makers Are Likely to Implement In-Store Shopping, in % of Decision Makers, 2023e & 2027f
  • Top In-Store Activities For Which Consumers Use Retailer’s Mobile App, in % of Respondents, 2022 vs 2023
  • Total Volume of Soft POS, in billions, 2022 & 2027f
  • Top In-Store Shopping Features Consumers Expect to See, in % of Retail Executives, June 2022
  • Share of Consumers Using Mobile Wallets For Payments, in %, August 2022
  • Share of Retailers That Intend to Implement the Select Payment Strategies Through Third-Party Providers, in %, June 2022

3. Europe

A selection of companies mentioned in this report includes

  • Adyen
  • Alipay
  • American Express
  • Apple
  • Bancomat Pay
  • Cash App
  • Curve
  • Danske Bank
  • Europay
  • Getnet
  • Google
  • Klarna
  • MangoPay
  • Mastercard
  • Milkywire
  • PayPal
  • Pivo
  • Quicko
  • Samsung
  • Satispay
  • Square
  • Tappy Technologies
  • Vipps
  • VISA
  • WeChat Pay

For more information about this report visit https://www.researchandmarkets.com/r/p9u8r8

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected] 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

 

Cision View original content:https://www.prnewswire.com/news-releases/contactless-and-mobile-revolution-europes-pos-payment-methods-embrace-a-new-era-of-convenience-301898767.html

SOURCE Research and Markets

Contactless and Mobile Revolution: Europe's POS Payment Methods Embrace a New Era of Convenience WeeklyReviewer

PR Newswire Technology News

World Reviewer Staff
World Reviewer Staffhttps://weeklyreviewer.com/
The first logical thought has to be "no way". I'm the World Observer! Ill find and share important news all day.

Latest articles

Earnings Disclosure

WeeklyReviewer earns primarily through affiliates and ads. We don’t encourage anyone to click on ads for any other purpose but your own. We recommend products and services often for our readers, and through many we will earn commissions through affiliate programs.

Related articles