The decline of traditional bank cards
As online payment trends evolve, the traditional dominance of the bank card—a staple in France since 1967—is waning. Innovative alternatives like digital wallets, mobile payments, and immediate transfers are gaining traction, offering superior user experiences, lower costs, enhanced security, and services like Buy Now Pay Later (BNPL). The European Payment Services Directive (PSD2), implemented in December 2020, has further accelerated the adoption of these e-commerce payment solutions, transforming the landscape and reducing the centrality of bank cards in online transactions.
New online payment trends: the surge of digital wallets and mobile payments
The global adoption of digital wallets and mobile payments is reshaping the way people shop online. In 2021, these methods accounted for 49% of total e-commerce expenditures worldwide. Europe mirrors this trend, with digital wallets representing 26.4% of e-commerce payments in 2020. Countries like France, Germany, Russia, Spain, and the UK are at the forefront of these online payment trends. The rise of BNPL services disrupts traditional credit purchases, enabling consumers to pay in interest-free installments, driving higher spending, and boosting merchants’ average transaction values.
Fintech solutions and startups pioneering the payment revolution
A new wave of payment startups is leading the transformation in the payment industry. Companies like Fintecture, Alma, and Sharesub exemplify this revolution. Fintecture offers secure, immediate transfer services with lower fees. Alma’s interest-free installment payments are widely adopted by thousands of businesses, while Sharesub allows users to share the costs of online subscriptions, enhancing accessibility. Meanwhile, Easytransac provides versatile fintech solutions that cater to diverse user needs, improving the overall user experience with seamless and secure transactions.
Embracing innovation in online payments
The decline of traditional bank cards signals that the future of payments lies in innovation. The drive for a better user experience, greater cost-efficiency, and enhanced security is pushing the adoption of digital wallets, BNPL, and immediate transfers. As these online payment trends continue to evolve, they are expected to further diminish the role of bank cards in e-commerce. The payment landscape of the future will be characterized by flexibility and convenience, aligning with the changing preferences of consumers and merchants alike. For businesses, staying ahead of these online payment innovations is crucial.
Key ecosystems to explore in online payments
When exploring the evolving online payment trends, two key ecosystems stand out: Europe and Southeast Asia. Europe, driven by regulatory frameworks like PSD2, leads in innovation with widespread adoption of digital wallets and immediate transfer solutions.
Credit: Umesh Soni
Countries such as the UK, Germany, and France set benchmarks for security and user experience in e-commerce payments. Meanwhile, Southeast Asia is emerging as a powerhouse of mobile payment solutions, with markets like Singapore, Indonesia, and Thailand witnessing rapid growth in mobile wallets and fintech solutions. Understanding these ecosystems is essential for businesses aiming to thrive in the future of online payments.
Unlock strategic advantage with actionable insights on emerging payment trends
In a world where online payment technologies are constantly advancing, staying updated is no longer optional—it’s essential. At Innovation Is Everywhere, we specialize in delivering comprehensive trend studies and insightful reports on the latest innovations.
Our personalized trend reports and webinars provide deep dives into emerging trends such as BNPL or Save Now Pay Later, digital wallet and super apps. With overviews of the key startups and ecosystems driving these changes, you get tangible and actionable insights that empower you to make informed decisions and anticipate future shifts.
Whether you’re a business leader navigating Europe’s fintech revolution or exploring Southeast Asia’s mobile payment boom, our expertise will empower you to make informed decisions and adapt strategically.
Navigate the future of online payments
To stay ahead in the rapidly evolving landscape of online payments, knowledge is power.