DUBLIN–(BUSINESS WIRE)–The “Europe POS Payment Methods 2023” report has been added to ResearchAndMarkets.com’s offering.
Digital wallets and other contactless point-of-sale (POS) payment methods are gaining popularity as cash usage declines
Consumers worldwide are gradually returning to in-store purchases but continue to prefer digital payment options when paying offline. As of April 2022, 52% of consumers chose to pay less with cash, and 36% opted for contactless payment methods. To meet this changing demand, sellers and merchants are shifting away from traditional POS systems and embracing advanced technologies like smart POS, soft POS, and mPOS. Among these options, debit cards have emerged as the preferred POS payment method, with more than half of merchants considering them essential due to their security benefits and convenience.
Europe witnesses a significant growth in the usage of contactless credit and debit cards
In Europe, although cash remains dominant, there has been significant growth in the usage of contactless credit and debit cards. In 2022, over 60% of card payment transactions at POS were contactless. Leading the way in this trend are countries like Finland, Netherlands, Belgium, and Luxembourg, where the share of card payments at POS is notably high. While cash is still preferred by 59% of surveyed respondents for in-store transactions in Europe as of June 2022, alternative POS payment methods like QR code payments, digital wallets, and payments via loyalty programs are gaining traction. For instance, Klarna’s new loyalty card feature allows users to store their loyalty cards digitally in their app, streamlining the payment process and enhancing the customer experience.
In the UK, debit cards and cash are the top two most used POS payment methods as of April 2022, with almost half of shoppers preferring to pay with cash. However, proximity mobile payments in the UK are expected to see significant growth, with an estimated 16 million proximity mobile payment users projected by 2026. Germany has also experienced significant growth in contactless physical card usage at POS, accounting for almost three quarters of all card payment transactions as of 2022. The Giro card dominates the POS payment landscape, representing 42% of all card payments used at POS, followed by credit cards at 6%.
Questions Covered 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
- 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/nohuv1
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