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The most popular payment methods in Europe by countries

The most popular payment methods in Europe by countries
Business Development Specialist
Yuliia Mamonova

E-commerce business prosperity depends on many factors. Effective payment processing is one of them. To succeed at this point, a merchant needs to define his target countries and their local payment methods. Otherwise, the conversion will be put at risk. In this article, we cover the most popular payment methods in European countries.

Payment habits and preferences of Europeans

One in four Europeans with access to the internet purchased products or services online at least once a week.”

            MasterCard research, 2017

The growing demand for alternative payment solutions combined with a rapid e-commerce growth led to digitalization. Concerning Western Europe, the market price for financial cards and payments transactions nearly reached 9.2 trillion euros. Check out How millennials are reshaping the digital landscape to better understand the future of fintech. 

Thanks to smartphone adoption, in-app payments, and mobile browser payments are driving European digital commerce growth. According to the research, 48% of digital sales globally were made via phones in 2017. It is forecasted to exceed 70% by 2022, which is equal to $4.6 trillion. That means, not only you should think of the most popular local payment options but also provide clients with in-app payments

aerial photography of vehicle cross road

How often Europeans shop online

Take a look at this data to see what European countries are most profitable to invest in: 

  • Great Britain – 41%;
  • Ireland – 32%;
  • Germany – 30%
  • Finland – 17%;
  • Estonia – 16%;
  • Danmark – 16%;
  • Poland – 9%;
  • Lithuania – 9%;
  • Italy – 9%

What products are Europeans interested in the most?

See what products Europeans tend to buy digitally:

  • Clothing and footwear – 48% EEA average;
  • Tickets – 34% (find out how to open a merchant account in travel);
  • Electronics – 33%;
  • Books – 31%.

By the way, take a look at 12 best open source e-commerce platforms to market your product. Now let’s check out the most popular payment methods in Europe. 

person using black tablet computer

The most popular payment methods in Europe by countries

Check out  this list to see what payment methods are most popular in European countries:

Austria

According to the research, 4.9 million of Austrian citizens are current eCommerce customers. The number is expected to grow by an additional 890,000 users by 2021, with 5.8 million e-commerce users representing 78,4% of the total population. The average Austrian user spends about 1700 euros per year. The most popular payment methods in Austria:

  • EPS
  • SEPA direct debit
  • Visa
  • Mastercard
  • E-wallets

Belgium

E-commerce in Belgium cost 10.67 billion euros in 2018 and is expected to grow by 1.49 till 2021. Bancontact is the most popular online payment method in Belgium, as 68 percent of all purchases were completed using Bancontact. The most popular payment methods in Belgium:

  • Bancontact
  • Mastercard
  • Visa
  • Paypal
  • American Express
  • iDeal
  • Skrill
  • Mistercash
  • Bank Transfer
  • Cash on Delivery
  • eWallet
  • PrePay

Czech Republic

As for April 2019, there are 4.93 million eCommerce users in the Czech Republic, with an additional 410,000 users expected to be purchasing digitally by 2021. In 2022, these 5.34 million eCommerce users will spend an average of 635.60 USD online. The most popular payment methods in the Czech Republic:

  • Mastercard
  • Online banking
  • Visa
  • Paypal

 Denmark

The population of Denmark is 5.73 million people with a total GDP of 306.14 billion USD. There are 3.5 million eCommerce users in Denmark for now, with an additional 350,000 users expected to be buying online by 2021. In four years, Denmark users will spend 1819.46 USD online. The most popular payment methods in Denmark:

  • VISA
  • Dankort
  • Mastercard
  • Klarna
  • Paypal
  • Quickpay
  • Bank Transfer
  • eWallet
  • Cash on Delivery
  • PrePay
  • eInvoices
  • Pre-Paid

 France

There are currently 37.97 million eCommerce users in France, with an additional 4.28 million users expected to be shopping online by 2022. Four years from now, these 42.25 million eCommerce users will spend an average of 1618.49 USD online. The most popular payment methods in France

  • Cartes Bancaires
  • Visa
  • Paypal
  • Mastercard
  • American Express
  • Allopass
  • Bank transfers
  • Cash on Delivery
  • CM-CIC Paiement
  • Hipay
  • Moneo
  • Paysafecard
  • Slimpay
  • Skrill
  • eWallet
  • Charge Card
  • PrePay
  • Pre-Paid

gray landmark building

 Germany

There are 50.71 million eCommerce users in Germany, with an additional 2.91 million users expected to be shopping online by 2021. In 2022,  these 53.62 million eCommerce users will spend an average of 1,600.02 USD online. The most popular payment methods in Germany:

  • Sofort
  • SEPA
  • Paypal
  • Giropay
  • Klarna
  • RatePay
  • Visa
  • Mastercard
  • Payone
  • Paymill
  • Skrill
  • Prepaid Voucher
  • Prepaid Card
  • Bank Transfer
  • eWallet
  • Charge Card
  • Cash on Delivery
  • PrePay
  • Pre-Paid

Finland

There are 3.32 million eCommerce users in Finland, with an additional 530,000 users expected to be shopping online by 2021. Four years from now, these 3.85 million eCommerce users will spend an average of 1,597.91 USD online. The most popular payment methods in Finland: 

  • Finnish e-banking
  • Visa
  • Klarna
  • Paypal
  • Mastercard

 Italy

There are 19.09 million eCommerce users in Italy, with an additional 1.99 million users expected to be shopping online by 2022. Four years from now, these 21.08 million eCommerce users will spend an average of 1,008.30 USD online. Te most popular payment methods in Italy:

  • Visa
  • Mastercard
  • Paypal
  • American Express
  • Mybank
  • Prepaid Voucher
  • Prepaid Card
  • Neosurf
  • Charge Card
  • eWallet
  • Bank Transfer
  • Cash on Delivery

 Netherlands

There are currently 8.87 million eCommerce users in the Netherlands, with an additional 440,000 users expected to be shopping online by 2022. Four years from now, these 9.31 million eCommerce users will spend an average of 1,924.97 USD online. The most popular payment methods in the Netherlands:

  • iDEAL
  • SEPA direct debit
  • Mastercard
  • Visa
  • Paypal
  • Klarna
  • Bank Transfer
  • Cash on Delivery
  • eWallet
  • PrePay
  • Charge Card
  • Pre-Paid Card

 Norway

There are 3.17 million eCommerce users in Norway, with an additional 260,000 users expected to be shopping online by 2022. Four years from now, these 3.43 million eCommerce users will spend an average of 2,666.93 USD online. The most popular payment methods in Norway:

  • Visa
  • Mastercard
  • Klarna
  • Paypal
  • Diners Club
  • eWallet
  • Bank Transfer
  • Credit Card
  • Debit Card
  • eInvoices
  • PrePay
  • Cash on Delivery
  • Charge Card
  • Pre-Paid Card

people standing on bridge looking through mountain surrounded by water

Poland

There are currently 19.59 million eCommerce users in Poland. They spend $416.71 online annually. Four years from now, an expected 20.95 million Polish online shoppers will spend approximately $546.09. The most popular payment methods in Poland: 

  • Pay-by-links
  • Visa
  • Mastercard
  • Paypal
  • Bank Transfer
  • eWallet
  • Credit Card
  • Cash on Delivery
  • Pre-Paid
  • PrePay
  • Charge Card

 Portugal

There are currently 5.51 million eCommerce users in Portugal, with an additional 1.15 million users expected to be shopping online by 2022. Four years from now, these 7.66 million eCommerce users will spend an average of 650.51 USD online. The most popular payment methods in Portugal: 

  • PrePay
  • Cash on Delivery
  • Bank Transfer
  • Pre-Paid
  • eWallet
  • PostPay
  • Charge Card
  • Visa
  • MasterCardNigeria
  • Visa
  • Mastercard
  • American Express
  • Multibanco

 Russia

There are currently 50.03 million eCommerce users in Russia, who spend $360.06 online annually. Four years from now, an expected 61.55 million online shoppers will spend approximately $403.91. The most popular payment methods in Russia: 

  • Visa
  • Qiwi
  • Yandex Money
  • PayPal
  • Webmoney
  • MasterCard
  • PrePay
  • Pre-Paid Card
  • Bank Transfer
Spain

There are currently 24.77 million eCommerce users in Spain. They spend $776.66 online annually. In 2022, an expected 30.50 million Spanish online shoppers will spend approximately $894.07. The most popular payment methods in Spain:

  • Visa
  • Mastercard
  • Paypal
  • American Express
  • Discover
  • eWallet
  • Bank Transfer
  • Cash on Delivery
  • PrePay
  • Pre-Paid

 Sweden

There are currently 6.55 million eCommerce users in Sweden, who spend $1,607.98 online annually. Within four years, an expected 7.38 million online shoppers will spend approximately $1,922.11. The most popular payment methods in Sweden:

  • Mastercard
  • Klarna
  • Visa
  • Online banking
  • Paypal
  • Diners Club
  • Discover
  • Bank Transfer
  • eWallet
  • eInvoices
  • Charge Card
  • Cash on Delivery
  • PrePay
  • Pre-Paid

 Switzerland

There are currently 5.08 million eCommerce users in Switzerland, with an additional 470,000 users expected to be shopping online by 2021. Four years from now, these 5.5 million eCommerce users will spend an average of 1,958.84 USD online. The most popular payment methods in Switzerland:

  • RatePay
  • Mastercard
  • Sofort
  • Visa
  • Paypal

photo of brown high-rise building

United Kingdom

There are currently 45.36 million eCommerce users in the UK, with an additional 4.06 million users expected to be shopping online by 2021. Four years from now, these 49.42 million eCommerce users will spend an average of 2,251.82 USD online. The most popular payment methods in the UK:

  • Visa
  • Mastercard
  • BACS Direct Debit
  • Paypal
  • American Express
  • Discover
  • eWallet
  • Bank Transfer
  • Cash on Delivery
  • Charge Card
  • PrePay
  • Pre-Paid

Turkey

There are currently 31.39 million eCommerce users in Turkey, with an additional 6.72 million users expected to be shopping online by 2021. In four years, these 38.11 million eCommerce users will spend an average of 253.83 USD online. Most popular payment methods in Turkey:

  • Visa
  • Mastercard
  • Troy
  • American Express
  • eWallet
  • Bank Transfer
  • Cash on Delivery
  • PrePay
  • Pre-Paid

Ukraine

In 2018 Ukrainians spent 65$ billions on digital services and goods. The revenue, gained from social networks and online marketplaces is 9,5$ billion. About 2.6$ billion earned by postal operators on the delivery of goods purchased in online stores. The security of online payments and quality service are gradually becoming more important than the low price.

Among common payment methods in Ukraine are:

  • EasyPay;
  • Visa;
  • Mastercard;
  • Privat24;
  • Cash on delivery;
  • Maestro;
  • Liqpay;
  • Rixty;
  • Diners;
  • Mobiamo.

Over to you

Now you know what countries are worthy to invest in. Moreover, you are aware of the most popular payment methods to reach out to European consumers. Leave a comment below and tell us what other regions are you interested in reading about

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