As digitalization expands, so too has the number of payment options. Credit/debit cards and invoices remain popular in many countries, but there are now also a number of digital payment solutions.
One such solution is PayPal, which is one of the top three payment solutions in all countries surveyed in the PostNord E-commerce in Europe 2020 report. PayPal quickly gained popularity among many consumers at an early stage by linking its payment service to the already widespread use of e-mail.
Today PayPal is one of the largest financial technology companies, though it has recently begun to encounter competition. Banks and finance companies have partnered to create payment apps for mobile phones, which are becoming increasingly popular. These services go by different names in different countries – for example Swish, Mobile Pay and Vipps – but are basically the same. At first, some of these services were mainly used to transfer money between private individuals, but in recent years, they have also become increasingly common for commercial payments.
To learn more about the diverse European e-commerce market, order your free copy of the ”E-commerce in Europe 2020” report.
Olof Källgren, Market Information Manager, Direct Link