EU merchants, surveyed by Payments Europe, prioritize card payments (72%) for safety. The survey indicates the growing competition in the European payment sector.
According to Payments Europe, the paytech specialists, 72% of European merchants favour cards over other payment methods, therefore safety and security are the top priority for merchants when selecting between payment methods.
The survey, Safety, Convenience and Choice: The True Value of Cards, was conducted among 1,560 retailers in France, Germany, Italy, Spain, Sweden, and Poland, both online and in physical stores. It emphasises how quickly the European payment sector is developing and how fiercely companies are competing with one another. particularly as more goods and services become accessible.
Merchants select payment options based on customer preference, reach, merchant convenience, and cost, in addition to safety and security considerations. Merchants rank cards highest when asked to assess various payment choices because they best satisfy their demands. Sixty-seven percent of retailers think that card prices have decreased or remained the same in recent years. Moreover, 87% of retailers think that the benefits of cards exceed their costs.
Cards are still the method of choice
“The payments industry is called upon to constantly invest, innovate, protect, and maintain resilience across the entire ecosystem as more and more payments are made cashless,” stated Kerri McLaughlin, a member of Payments Europe from Citi.
“Our data demonstrates that cardholders gain from more options, merchants embrace variety, and the industry is promoting innovation and security. Cards have always been a significant part of the payment landscape and are still the method of choice because they offer both cardholders and merchants innovation and durability.
Member of the Payments Europe board Sascha Dewald of Deutsche Kreditbank AG stated: “Businesses must integrate this constantly increasing demand for digital solutions into their transformation initiatives.” It’s one of the primary characteristics that set people more suited to achieve great results apart, and this is particularly true for small business owners.
“SMEs make up 99.8% of all firms in the EU, which equates to 25 million companies with about 100 million workers. It takes more than just business acumen to create a comprehensive payment acceptance strategy that increases revenue. The goal is to open the door to a flourishing Europe.
“There are many opportunities for growth and innovation.” Michael Hoffman, a board member of Payments Europe and a representative of Card Payment Sweden, was added.
Payments are thrilling right now. We must promote innovation while maintaining the best security. Card and digital payments will grow. Cards with strong security features like tokenization will become ubiquitous. There are many exciting trends to watch, and policymakers and civic society can help the digital payments business thrive. Industry initiatives for European consumers, firms, and the economy will continue.
