Growing adoption of payment facilities in Europe
In an economic context marked by inflation (5.6% in March 2023 in France), nearly half of Europeans (43%) say they use payment facilities. Among these, we find in particular payment in installments and deferred payment. This massive adoption is explained by the need to control budgets and the desire to consume better quality or more sustainable products.
In France, Spain and Portugal, payment in instalments is particularly popular. It appeals to nearly one in three users (32% on average) who use it on a recurring basis. Conversely, in Germany and Austria, deferred payment is preferred, with regular use by more than one in two consumers (59.5% on average).
Strong consumer expectations and challenges for merchants
Means of payment have become an important criterion for 30% of Europeans when choosing a brand. It becomes in fact almost as crucial as the notoriety of the brand (32%). In France, seven out of ten users would be willing to change brand to benefit from a payment solution in installments or deferred payment.
Europeans expect payment solutions that integrate seamlessly into shopping journeys, whatever the context. But beware : for six out of ten Europeans, the obligation to download a mobile application to finalize a purchase is a criterion for abandoning the basket.
Similarly, half of the Europeans questioned believe that not having access to payment facilities is a barrier to purchases, both online and at physical points of sale.
More responsible consumption thanks to payment facilities
Almost half of Europeans (44%) intend to use payment facilities to cope with inflation and keep control of their budget. This trend is reinforced in countries where the “Buy Now Pay Later” is anchored in practices, particularly in France (55%), Spain (58%) and Italy (62%).
More than half of users of payment facilities (58%) believe that they are a way to consume more responsibly. This finding is particularly strong in Italy and Germany, with 64% of respondents. Payment facilities are mainly used to meet unforeseen expenses, such as household appliances (39%) or expenses related to the house (31%).
