European consumers are increasingly becoming more interested in switching online payment methods if it means their transactions are faster, secure and more convenient.
This comes following recent research carried out by payabl., who found that 53% of consumers are open to switching to newer payment methods, with nearly a third (30%) opting for a new method to ensure a faster checkout process.
The ‘State of European Checkouts’ research highlights the dependence consumers now have on e-commerce, becoming the predominant mode of shopping for Europeans as 48% shop online weekly spending £53 per transaction.
Of the most used payment methods across the continent, PayPal ranks first with 50% of consumers using the online payment method. Debit cards and credit card dependence still live large with shoppers, with 39% and 33% of consumers using cards for online shopping, respectively.
European payment service provider payabl. cited speed (46%), convenience (44%) and security (41%) as the overwhelming majority of factors that consumers consider when choosing their preferred payment method.
Furthermore, consumers are also switching payment methods depending on the context; 62% stated the value of a purchase influences their choice, with 44% turning to credit cards for high-ticket items, and others often for added protection (58%).
Ugne Buraciene, Group CEO of payabl., said: “Online shopping has become second nature for consumers, but how they choose to pay is far more intentional than many businesses realise. Our research shows people are open to new ways to pay, but only if it makes their lives easier and feels secure.
“This presents a challenge for retailers, but also a real opportunity. The checkout isn’t just a final step – it’s a critical moment to build trust, encourage repeat purchases, and differentiate from competitors. Businesses that can offer both speed and safety, with payment options that reflect local preferences, will be the ones that win customer loyalty and drive growth.”
Security holds the key
The findings from payabl.’s report outline the importance of speed and convenience, but also places a significant emphasis on consumers’ increasing reliance on security.
71% of consumers stated that they are happy to slow down the checkout process if it means that the fraud protection and authentication may take longer than expected for the transaction to be complete.
This may or may not come as a surprise to merchants and e-commerce because while strong customer authentication processes increase the friction within the checkout process, it is ultimately protecting the customer and its funds.
David Birch, Global Ambassador for Consult Hyperion, added: “The research clearly shows that one size doesn’t fit all – regional preferences matter and personalisation can make a real difference.
“Offering a wide range of payment options, from digital wallets to local methods, and backing them with robust fraud protection and clear communication, can make all the difference in turning shoppers into repeat customers.
“To capitalise on the growth of online shopping, retailers must prioritise a seamless and secure checkout experience, with unclear fees, account creation, or poor design likely leading to cart abandonment. The checkout must be seen as more than a point of transaction and instead seen as a way to foster trust and loyalty, boosting conversion rates in the process.”
