Europe: where credit cards are falling short
There are over 200 payment methods used around the world and credit card is one of the most popular methods. In the United States anyhow. In Europe however, there are countries were the credit card is rarely used. Alternative Payments made an interesting infographic about credit card alternatives.
Alternative payment solutions enhance the ability of businesses to maximize sales in a global marketplace, Alternative Payments write. Businesses would do well to look at other payment solutions besides credit card. After all, 55% of all EU transactions in 2012 were made by direct debit and credit transfers, while ‘only’ 36% of these transactions were made via credit card. In European countries like Austria (20%), Denmark (17%) and Luxembourg (7%) credit card use is very low.
It may not come as a surprise less than half of online buyers in Europe own a credit card. So online retailers looking to expand their business to Europe should always offer several payment options and must not rely only on credit card. Also because 83% of online consumers worldwide consider having a range of payment options to be important.
Check out the infographich below and if you want to read more about how Europeans like to pay online, check out our article about popular payment methods in Europe.
(Click on the picture to see it full size. Source: Alternative Payments)