Most popular payment methods by country
Payment methods play a crucial role in facilitating the transaction. But do you know that the most popular payment methods vary by country? What are the most popular payment methods in different countries?
Understanding the payment preferences of different countries can be beneficial for your businesses. So, let's take a look at the most popular payment methods in the UK, Germany, Spain, Italy, France, China and Russia with statistics.
UK: Visa and Mastercard
The UK has a variety of popular payment methods that people use to make purchases.
Debit and credit cards are the most commonly used, with Visa and Mastercard being the top two card types. 36% of British people are using debit cards in 2023.
PayPal is another popular option, allowing customers to link their bank accounts or debit/credit cards to make purchases online. 27% of British people are using Paypal in 2023.
Bank transfers are also a common method, though it may take longer to process than other options.
Mobile payments like Apple Pay and Google Pay are increasingly popular, especially among younger generations. 20% of British people used Google Pay and 29% of British people used Apple Pay in 2022.
Germany: Visa, Mastercard, PayPal and Digital Wallets
In Germany, payment methods are varied, but some of the most popular options include credit and debit cards like Visa and Mastercard, as well as PayPal, which is widely used for online transactions. 54% of German people are using PayPal in 2023.
Direct debit payment methods, such as SEPA Direct Debit and Giropay, are also popular among German consumers. Sofort, a real-time bank transfer method, is another commonly used payment option in Germany.
Mobile payment systems like Apple Pay and Google Pay are gaining popularity, but they are not yet as widely used as traditional payment methods. Only 14% of German people used Google Pay and 13% used Apple Pay in 2022.
Bank transfers are a popular payment method for online purchases. This is due in part to the country's strict data privacy laws, which make consumers hesitant to provide credit card information online.
Spain: Visa, Mastercard and PayPal
In Spain, one of the most popular payment methods is credit or debit cards, with Visa and Mastercard being the most commonly used types of cards. 24% of Spanish people are using debit cards in 2023.
PayPal is also a widely accepted payment method for online transactions in Spain. 33% of Spanish people are using Paypal in 2023.
Another popular payment option is Bizum, a mobile payment system that allows users to make instant payments using their mobile phone numbers.
Other payment systems that are gaining popularity in Spain include Apple Pay and Google Pay, which offer a convenient way to make contactless payments using a mobile device. Bank transfers and direct debit payment methods, such as SEPA, are also used but to a lesser extent.
Italy: Visa, Mastercard, PayPal and Digital Wallets
In Italy, the most popular online payment methods are credit and debit cards, with Visa and Mastercard being the most widely accepted. 31% of Italian people used credit and debit cards in 2022.
PayPal is a popular payment option for online transactions in Italy. 39% of Italian people are using PayPal in 2023. Additionally, Italian consumers can make use of the Postepay card, which is a prepaid debit card issued by the Italian postal service, and is widely accepted for online payments. 12% of Italian people are using Postepay in 2023.
Other payment options include bank transfers, direct debit payment methods, and popular Italian payment systems such as Nexi and Bancomat Pay.
France: Credit cards, PayPal and Digital Wallets
In France, there are several popular payment methods available for consumers.
The most commonly used payment method is credit and debit cards, which can be used for online or offline transactions. 37% of French people are using credit cards in 2023. Also, card payments in France amounted to nearly €662.82 billion in 2022.
Visa, Mastercard and CB are the most used card networks in France. For example, in 2022, CB counted €685 billion in card transactions.
Other popular payment options include PayPal, which allows users to make payments securely. And Paylib, a digital wallet service that enables users to make payments directly from their bank account. 38% of French people are using PayPal in 2023.
With a range of options available, French consumers have multiple choices for making payments.
China: Alipay and WeChat Pay
Chinese consumers have access to a range of payment options, but the most popular methods are mobile payment systems.
WeChat Pay and Alipay, both mobile payment platforms, are the most used payment methods in China, with over 1 billion active users between them. WeChat Pay allows users to make payments through the WeChat App, which is also a popular social media platform in China. 87.9% of Chinese people used WeChat pay in 2022.
Alipay, on the other hand, is owned by the Alibaba Group and is integrated with many popular e-commerce platforms in China. 85.3% of Chinese people used Alipay in 2022.
Other payment methods that are commonly used include UnionPay QuickPass and JD pay which were used respectively by 80.3% and 9.7% of Chinese consumers in 2022.
Russia: UnionPay, Cash and Bank Transfers
In recent years, MasterCard and Visa have announced stopping their operations in Russia. So, Russia introduced UnionPay in the market and Russian consumers gradually started to use UnionPay cards. The relevant data shows that in 2022 more than 85% of ATMs in Russia support UnionPay cards for cash withdrawals. Find out more information about UnionPay in Russia.
Bank transfers are also widely used for online purchases. Online transactions can also be carried out using various payment methods, including bank cards and popular payment systems such as Yandex.
According to the analysis of the Payssion payment platform, 83% of Russian people used online bank payments, 82.8% of Russian people used bank card payments and 66.3% of Russian people used electronic money payments.
Bottom line:
These are just a few examples of the most popular payment methods by country. By understanding the payment preferences of their customers, your businesses can offer the most convenient and secure payment options, which can lead to increased customer satisfaction and loyalty.
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.
Sources:
https://www.oberlo.com/statistics/most-popular-online-payment-methods
https://www.rapyd.net/blog/the-most-popular-payment-methods/
https://ecommercenews.eu/online-payment-methods-europe/
http://www.199it.com/archives/1550306.html
https://www.kchuhai.com/report/view-22162.html
https://www.statista.com/statistics/828148/e-commerce-payment-methods-in-italy/