European shoppers are getting impatient at the virtual checkout, but not at the cost of safety. New research from financial technology firm payabl. reveals that over half of online consumers are ready to switch to newer payment methods, provided they’re faster, easier, and secure.
The study, part of The State of European Checkouts report, uncovers a shift in priorities among digital buyers: 53% are open to swapping out traditional payment methods, with speed (30%) and convenience (44%) among the top reasons. However, 71% say they’d rather take it slow at checkout if it means better fraud protection.
It’s not just about habit anymore. The report notes that consumers are choosing payment methods deliberately, with security (41%) and ease of use (44%) outweighing brand familiarity (21%) or widespread availability (29%).
Local loyalties still strong
PayPal tops the charts across Europe, with a 50% rank, it is in their top three. Regional quirks are present throughout the continent: while Germany is still PayPal territory (71%), debit cards rule in the UK (63%). Meanwhile, the Netherlands champions its homegrown iDeal (39%). Mobile wallets also have their fan bases in the UK and the Netherlands, which is more than double that of Germany.
The amount spent plays a role, with 44% opting for credit cards on bigger buys, often drawn by the extra protection, a priority for 58%.
What does it mean for retailers?
Retailers need to offer the right mix of payment options to keep shoppers moving through checkout, while also promoting newer methods. More than half of consumers say they would try an alternative payment method if offered cashback, discounts or loyalty rewards.
Views on payment security are mixed. Forty-four percent of consumers think retailers, banks or processors are responsible, 24% believe it’s up to the shopper, and nearly a third are unsure.