Powering payments and the way customers interact
What’s possible in payments continues to be redefined, revisited, and reimagined. The traditional lines between banking, payments and commerce have all but dissolved. As technology gets more sophisticated, the rate of change gains more momentum. That’s why Worldpay from FIS are providing the insights and tools you need to boost your business while we power the next payments frontier at EuroCIS 2022.
How payments are changing
In 2021 the European market posted 11% YoY growth and is expected to extend 11% CAGR through 2025. With robust growth forecasted through to 2025 in Italy (16%), Spain (13%) and Sweden (15%) and a more modest annual growth rates being projected through 2025 for Europe’s largest e-com markets in France (9%), Germany (9%) and the U.K. (6%).
E-commerce in Europe continues to shift toward alternative payment methods and away from cards. Digital wallets are the leading e-com payment method, accounting for 26.7% of transaction value in 2021. Credit cards account for 24.7% of Europe’s 2021 e-com transaction value, and debit cards an additional 17.2%. Bank transfers represent 14.2% of regional spend, with direct debit driving an additional 4% of regional transaction value.
In Germany, digital wallets (28.7%) and BNPL (19.7%) were the most popular e-com payment methods in 2021, with both methods expected to steadily gain share through 2025. Direct debit is exceptionally strong in Germany (15.8% 2021 share), while bank transfers, cards, and cash on delivery (COD) all project long-term declines.
Enabling new shopping experiences for customers
Companies today cannot ‘set up and leave’ payment solutions like you would with a previously used credit card network. You’ve got to work with various tools, including data and information about your customers you didn’t necessarily know before.
New trends in a customer’s journey can be seen through the generation of impressive digital experiences like super apps. The rise of super apps raises competitive stakes for brand experiences everywhere. They’re shaping a new future of commerce that redefines how consumers shop, pay, and connect with brands.
First emerging in Asia, super apps are economic innovators providing seamless browsing and payment methods that are safe, reliable through authentication and allow the retailer to engage with their customers in a way they haven’t been able to do so before.
Once using the app, shopping carts and payment journeys are trusted by consumers, with further engagement opportunities available for the retailer including notifications and promotions.
Source: Worldpay by FIS GmbH