Europe continues to pursue the goal of a single digit market. This includes the decentralization of financial services. In turn, this paves the way to more innovation in the payments industry of Europe.
European Countries and Preferred APM
- Belgium – Belgians love their Bancontact cards. In fact, there are more of these plastic payment devices in circulation than Belgian citizens! Customers use a card or app linked to your bank account for online payments that is guaranteed and confirmed immediately- how could you not want one?
The customer is redirected to the Bancontact website or mobile app where they must authorize payment. Once approved, there’s immediate notice of success or failure of payment. - France – Cartes Bancaires is a payment card company that provides more than 95% of their services through co-branding partnerships. They have agreements with Visa and Mastercard, so you can use these cards on the networks provided by those two companies.
- Germany – The most popular way to pay for purchases online in Germany is with SOFORT and Giropay. Klarna is a banking service that enables you to use e-banking and make quick, secure transfers. This can be done by customers who have an account in Germany or Austria as well as those living in the United Kingdom and Belgium .
giropay is an online payment method that allows customers to complete transactions using their bank account. Customers must first authenticate themselves by providing a second factor, such as entering in their PIN or signature before funds are withdrawn from the customer’s account and sent through giropay’s infrastructure for processing. 10% of online checkouts in Germany are made through Giropay.
- Italy – The Italian people are avid online shoppers. More than 80% of them transact in the digital world, and they prefer e-wallets or prepaid cards for their convenience.
- The Netherlands – iDEAL is the most popular online payment method in Netherlands with a share close to 55%. All major Dutch banks are members of Currence and operate this scheme, making it easy for customers who want an alternative way of paying through their bank credentials.
- Poland – With a population of 38 million people, Poland is the ninth largest country in Europe. The most popular payment method there? Online banking and cash on delivery! Up to 75% may rely on it as their primary means for making purchases or receiving funds.
- Portugal – The most popular payment method in Portugal is MultiBanco, which represents around 85% of total sales.
The most popular payment method in Portugal is Multibanco. With this payment method, shoppers get a voucher for their payments at the checkout, which they can use to make purchases with an ATM or online banking option – making it easier than ever before! - United Kingdom – UK shoppers are the world leaders when it comes to mobile shopping and debit cards. People in this country tend to not only have 2-3 card accounts, but also use them for online payments which accounts for 90% of transactions. Digital wallets can be another option that you consider if your bank doesn’t offer one already; however we recommend against going without any kind of banking at all!
Gain Access to Multiple APMs
Manually integrating multiple alternative payment methods is not only tedious, it also opens the possibility of wrong integration. Going the DIY route to upgrade your payments system can backfire. Your clients might have a hard time paying you and you might not receive the payments sent.
Experts like Macropay can give you access to various alternative payment methods without the hassle and danger. They can also integrate these payment methods properly into your payment system. All you need to do is specify which payments you need to accept and they can customise a quotation for your need. Learn more about it here.
