Check out the most popular payment methods in Europe

Leading e-commerce payment methods in Europe. Part 3. Source:?shutterstock.com

If you live in Europe and plan to visit another state, or maybe you don’t live in Europe at all but plan to visit EU countries, you might be wondering what the best way to pay for goods and services in one or another country is.

PaySpace Magazine offers you to find out more about the most popular payment methods in Europe, and which option is the best for a particular country.

According to the Payments and e-commerce report for Western and Central Europe conducted by PPRO Group, we have prepared four brief reports about the prevalent payment methods, and which countries use these options as the major ones.

Paysafe Group Limited is an international online payments firm. The company provides services on behalf of the Paysafe brand, as well as under subordinate branch brands, which became part of the Рауsаfе Group Limited (referring to a number of amalgamations and acquisitions). The most well-known of them are Nеtеllеr, Skrill and pауsаfеcаrd.

Paysafe is located in the Isle of Man and regulated in the UK, while it is authorized by the Financial Conduct Authority.

Pауsаfесаsh is a new, alternative payment method that provides payments in cash on the internet in a secure and easy way. The service is available even for those, who don’t have access to bank cards or online banking or don’t desire to unveil their personal details. Рауsаfесаsh was particularly invented for e-commerce and online customers needs (traveling, ticketing, online retail, etc).

Paysafecash also offers payment options for businesses. If you run a business (for example, online retail), you can offer your customers this innovative payment method.

This payment option is characterized by a simple and user-friendly payment process. Using Paysafecash, you can order a product or pay for services on the internet directly by cash at the nearest payment point by scanning a QR/barcode.

How it works:

1. A user chooses “Paysafecash” at the web store as the payment method in order to create a QR/barcode. Then they can print it out, send it directly to a cell phone, or upload it into the wallet;
2. Barcode page offers a search function, so a customer can easily find the nearest payment point;
3. The QR/barcode is supposed to be scanned by the retailer. Then the client pays the required sum. Done.

It’s the first online cash solution that gives users an ability to upload funds into digital wallets, including Рауsаfe’s own wallets, Skrill and NETELLER. In other words, Paysafe now offers customers an entire payments ecosystem running on cash. This eliminates the need for a bank account, or even sharing personal/payment information online.

This payment method is highly popular in the Czech Republic, Hungary, and Portugal.

Apple Pay is a mobile payment and digital wallet system developed by Apple. It was first introduced on 9 September 2014, and it allows making p2p, iOS app, and online (web) payments. Nowadays, the system is available in no less than 34 countries worldwide, and this list is constantly growing (since Estonia, Austria, Portugal, and many other countries will soon be able to use this payment option too).

The system uses NFC to communicate with POS-terminals wirelessly, and each transaction has to be confirmed with Face ID, Touch ID, PIN, or passcode. Apparently, Apple Pay is available for Apple devices only: smartphones from iPhone 6 and newer, iPad Air 2 or newer, Macs with Touch ID (online payments via Safari), and smartwatches by Apple. You’ll also need to use a Wallet app to input your card details.

Apple Pay cooperates with most major card-issuing institutions, like Visa, MasterCard, AmEx, UnionPay, etc.

The Wallet app saves credit card information, as well as saving loyalty programs, tickets, boarding passes, etc.

What kind of alternatives do Apple users have? The answer is not a single one. iPhone and Mac users have no contactless payment alternatives. The company denies giving access to NFC to third-party developers and companies, except their own, of course. Thus, Apple Pay is the only contactless option you can use if you have an Apple device.

This payment method is highly popular in Denmark, Poland, and Switzerland.

Zimpler is a Swedish-based FinTесh company. The firm was launched in Stockholm/Gothenburg in 2012. The company’s primary aim was to streamline mobile/online payments. A mobile wallet is one of Zimpler’s major products, and it also gives clients control over their spending.

For now, the wallet is available in Sweden and Finland only, but the company has plans to enter the European market. Today, the wallet has no less than 112,000 users.

Here’s how it works:

1. A client chooses Zimpler as a payment method;
2. A client enters their phone number ;
3. The system sends a unique code;
4. Confirmed! Done.

The company is not complacent and continues to improve and develop new features. Recently, it offered an option to withdraw instantly with Zimpler to a customer’s bank account. The wallet collects your bank, card, and bill payments in one place, making deposits and withdrawals swift and fast.

This payment method is highly popular in Finland and Sweden.

SOFORT Banking is a TüV-certified online payment system. You need to enter PIN/TAN in order to access to the system, which guarantees fast and safe processing of online purchases.

Sofort cooperates with more than 3340 banks (which accept sofortuberweisung.de system) nowadays. However, if your bank is not on the list (you can check it on the official site), there will be no way for you to use the SOFORT Banking system.

You don’t need to have an account with the SOFORT system. All you should need is an account with one of the listed banks. And of course, do not forget to make a deposit.

How to deposit an account in SOFORT Banking:

1. Enter the system;
2. Go to “Deposit”;
3. Click SOFORT Banking logo to select it;
4. Enter the desired amount;
5. Input name of the account holder, account number, and bank clearing number;
6. Confirm the deposit sum by entering TAN (transaction authentication number).

This payment method is highly popular in Austria and Germany.

SEE ALSO:

• Leading e-commerce payment methods in Europe. Part 2
• PAN Card: what is it and why it is important
• Cashless economy: pros & cons