According to research that has been carried out, 87% of European consumers feel comfortable paying by card. The study also demonstrated that merchants feel comfortable paying by card too, as 90% of retailers agreed that the benefits of card payments outweigh the costs. For consumers, the top benefits included convenience, speed, insurance, retailer acceptance and cash back on purchase. For merchants, the main benefits they saw with card payments include guaranteed payment, increased sales and access to a broader customer base.
J&P Comments
Studying these results, it makes sense that consumers and merchants prefer to pay by card as there are many more benefits to paying by debit or credit card than paying by cash or with a mobile application. Payment providers such as Paypal may also face significant competition as a result of Europe’s preference for paying by card.
