On the one hand, the digital technology world is getting richer and richer with new advancements. On the other hand, cash payments are declining. Europe is witnessing a steep rise in the use of digital payment wallets. Let’s go deeper into the topic and find out who can help you with eWallet UK.
eWallets Becoming More Widespread in Europe
The year 2020 witnessed an increase in the total number of transactions via digital wallets or eWallets in physical stores across the world. Credit and debit cards are still the most popular choice in European countries for POS or point-of-sale purchases, and eWallets are gaining more traction.
Between 2016 and 2020, Europe saw an annual rise of 14% in eCommerce payments. In 2020, 26.4% of eCommerce payments in the European region were completed via eWallets. More specifically, digital wallets are the most used payment method in the largest eCommerce markets in Europe: France, Germany, Russia, Spain, and the UK.
YooMoney (formerly Yandex.Money) and Qiwi are the most preferred options in Russia, iDEAL in the Netherlands, 70% of consumers use PayPal in Germany, while Klarna and Swish are the most preferred options in Sweden.
Digital Wallets and Online Payment Processing
The world is witnessing a rapid rise in cross-border transactions. The surge in mobile cross-border commerce is the result of the rapid growth of smartphone adoption worldwide.
Based on a recent study by fintech company FIS, cash usage saw a 10% dip in 2020, thus accounting for 1/5 of all face-to-face payments worldwide. In Canada, UK, France, Norway, Sweden, and Australia, the use of cash for in-store payments dropped by ½ or more.
With all this in mind, it’s more crucial than ever to work with the right payments-comparison specialist in the UK that can best help you with eWallet UK and with any other merchant-processing service. A true payment expert will study all the nuances associated with merchant-services providers to make sure you’re getting the best deal for your business.
eWallets Are on the Rise in Europe
The use of digital wallets is growing in Europe. Why? Consumers are increasingly opting for digital payments. COVID-19 has played a huge role in this.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of eWallet UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.
