Digital payment increasingly popular
The number of Europeans who regularly use a mobile device for payment has tripled since 2015.
That's according to a new study by Visa. According to the study, the number of European consumers who regularly use a mobile device - i.e. smartphone, tablet or wearable - for payment has tripled in the last year. Currently, 54 percent of consumers surveyed regularly use a mobile device to pay for products and services. In the same survey last year, the figure was only 18 percent.
More than 36,000 consumers in 19 European countries were surveyed for the study. The results show that acceptance of digital payment has increased sharply over the past twelve months. Just a year ago, 38 percent of respondents said they had never used a mobile device for payment and had no plans to do so. Today, this figure has dropped to 12 percent.
The top ten countries in which digital payment is most widespread can be divided into two groups: On one side are emerging markets, such as Turkey or Romania, which have leapfrogged traditional payment methods and adapted new technologies more quickly. On the other side are more developed markets, especially the Nordic countries, which are quick to adopt new technologies.
73 percent of the Swiss use digital payment
In Switzerland, a total of 73 percent of respondents who own a smartphone, tablet or wearable use digital payment. 49 percent of them use their mobile devices for e-banking and 42 percent use them to pay for in-app purchases. Overall, respondents feel comfortable paying with mobile devices, regardless of whether the products and services are expensive or less expensive. In Switzerland, 27 percent pay higher amounts digitally, for example for travel or electrical appliances. 38 percent pay for bus or train tickets this way.
Stefan Holbein, Country Manager of Visa Europe Switzerland, says: "The future of payment has already begun. Consumers in Switzerland and Europe are now using a variety of new payment methods. With the market entry of Apple Pay this summer, mobile payments can already be made at over 100,000 contactless payment terminals in Switzerland, one of the first countries in Europe to do so. Millions of networked devices will make it possible to integrate daily payments easily and securely into almost any technology. We are currently experiencing a new era of payment with wearables such as smartwatches, wristbands and even clothing. This trend will continue to evolve and allow consumers to use the connected devices that best fit their individual lifestyles."
Contactless payment is the basis for digital payment
The increasing use of digital payment is linked to the growing prevalence of contactless payment. The study shows that contactless payment is now an everyday payment method across all age groups. In Switzerland, nearly half (48 percent) of respondents have made contactless payments this year. People between the ages of 25 and 34 are the most likely to use contactless payment, at 54 percent. Across Europe, contactless card users are also far more open to new payment methods than consumers who do not make contactless payments. They are more interested in using mobile devices to pay in stores (52 percent of consumers who pay contactless vs. 32 percent of consumers who do not), shopping via a merchant's app (49 percent vs. 31 percent) or using mobile devices to pay for a meal (50 percent vs. 30 percent).
About the study
Consumers who use digital payments (digital payment users) were defined as those who use their phone, tablet or wearable to manage their money or pay with these devices in stores, online or via apps. The study, commissioned by Visa, was conducted by polling firm Populus. The survey took place between August and September 2016 in 19 European countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Israel, Italy, the Netherlands, Norway, Poland, Romania, Slovenia, Spain, Sweden, Switzerland, Turkey and the United Kingdom. A total of 36,843 consumers took part, around 2,000 respondents per country.
