
How European e-Commerce Payment Landscape Changes in Future
With the rise of mobile technology, e-Commerce payment in Europe is changing its face by providing consumers with innovative payment methods and procedures that are safe and convenient.
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CIO Applications Europe | Tuesday, March 10, 2020

With the rise of mobile technology, e-Commerce payment in Europe is changing its face by providing consumers with innovative payment methods and procedures that are safe and convenient.
FREMONT, CA: e-Commerce transactions enabled by the internet or wireless networks are proliferating in Europe. The growth of e-Commerce in Europe is expected to continue in the next years. The increasing use of advanced communication technologies and the need for innovative payment mechanisms for e-Commerce have given birth to new intermediaries to facilitate the sending and processing of payments. e-Commerce payment advances in Europe are being spurred by the increasing consumer adoption of technology and smart devices. Here is more about the inside dynamics of e-Commerce payment in Europe.
Technological advancements are driving the diversity of the e-Commerce payment environment. The growth of the digital wallet is particularly striking in Europe. Both leading and less advanced e-Commerce economies are embracing digital wallet payment methods. As smart devices become an indispensable part of living, the growth of digital wallets and other mobile-endorsed technology is inevitable in Europe. Although this trend is especially evident in the UK, where mobile devices have become the primary tool to pay online, other regions in the EU continue to innovate and pivot to a mobile-led future. EU is turning into a rapid adopter of smartphone-based payments.
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Reports on e-Commerce transactions also say that cards still continue to represent a primary payment method across the European markets. At present, card payments are highest in the EU, with 64.3 per cent of e-Commerce payments. This is due to the top brand recognition of significant card providers and advances in online anti-fraud technology. With more sensitive card data being shared to complete e-Commerce payment at the checkout, businesses are also taking protective steps to secure this information. To combat the rise in fraud, Europe is increasingly using tokenisation as an increasingly common way to protect payment details.
Although the promotion of innovation stays at the core of driving e-Commerce payments, Europe’s primary goal is to create a safer payment framework. As a result, businesses today are mandating strong customer authentication to improve security for customers. Two-factor authentication, fingerprint, iris recognition, and voice recognition are primary among these efforts. In the e-Commerce payments landscape, it is all about user convenience, whether that is through increased security or new ways to pay.
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