There are many kinds of local payment in Europe, PiedPay has reached strategic cooperation with third party payment and local banks in many European countries, including Sofortbanking, Trustpay, EPS and other local payment in Europe; prepaid card payment organization Paysafecard, Ukash; Many countries have their own mainstream local payment methods. have their own mainstream local payments, you need to choose different payment methods according to your target market and products, so below we look at some of the main local payment methods in each country and its advantages and disadvantages.
Whether you are a business or an individual, PiedPay is your one-stop solution for global online payment collection.
Introduction to Payment in Austria
Austria is located in the center of Europe, north of Germany and the Czech Republic, east of Slovakia and Hungary, bordering Slovenia and Italy in the south, and Switzerland and Liechtenstein in the west, is the central European continent from the south to the north, from the west to the east of the transportation hub. The capital and largest city is Vienna. Austria has a developed market economy and a high standard of living. At the same time, Austria’s industry and agriculture are more developed. Industry mainly consists of metallurgy, machinery, petroleum, chemical industry, electrical appliances, hydroelectric power generation, etc.; animal husbandry is based on raising cattle and pigs. Crops include potatoes, sugar beets, wheat, corn and so on. Accession to the European Union gives Austria direct access to the unified EU market, which brings more foreign investment, and Germany is the country with which Austria has the closest relationship in this organization.
Austria is one of the richest countries in the world today, with a GNP per capita of $46,330 in 2012. It has also been a member of the European Union since 1995, is one of the founding members of the OECD, signed the Schengen Convention in 1995 and accepted the Euro in 1999.
Introduction to Local Payments
Credit Card Payments
Currently, 85% of all payments in Austria are made in cash and only 15% by credit card. According to international credit card organizations, although the penetration of credit cards in Austria is much lower than in other European countries, its market potential is therefore very high.
EPS-Online Bank Transfer
I. EPS was established in 2005 by several major local banks in Austria. EPS is a simple and secure way to pay online, and currently there are 4 million end users in Austria, and EPS Austria has become the most popular local online payment method.
SofortBanking-Online Bank Transfer
Secondly, SofortBanking is the more popular online bank transfer in Germany. Because Austria is close to Germany in the north and the native language of Austria is German and English, there are many users using SofortBanking in Austria. Currently there are more than 30,000 merchants integrated with sofortbanking payment, covering e-commerce, aviation, and various online service industries, such as DELL, Skype, facebook, KLM Royal Dutch Airlines, Emirates and so on all support sofortbanking payment.
State of the market
More and more Danes are choosing to use their cell phones to pay for their purchases in supermarkets, cafes and other places. Nearly a third of Danes currently use the mobile payment application developed by Danish banks, which processes more than 80,000 transactions per day. Other banks are following in the footsteps of the Danish banks to further improve their mobile payment applications. Currently 3,400 merchants across Denmark support mobile payments. Dansk Supermarked, Denmark’s largest commercial retailer, is also preparing its next move to enable customers to pay via wristbands with chips. Mobile payments are becoming increasingly competitive and inevitably takeovers are happening. Most recently in Denmark, Swipp Mobile Payment Services, a consortium of banks, acquired local operator mobile payment company Paii. Founded by operators TDC, Telenor, Telia and 3, Paii is the third largest mobile payment service in Denmark after Swipp and leader Mobilepay. After the acquisition, Paii’s chairman Flemming Jenson said that payments are not a major business for either operators or banks. On the other hand, Swipp, which was founded by Sweden’s Nordea United Bank, Russia’s Federation of Local Banks, Local Bank and Nykredit Bank, said that it will launch a new app next year that combines the latest technology to enable online and offline payments as well as P2P payments, and that no one will lose their job at Paii after the acquisition. Combining Swipp’s knowledge, experience and know-how from both banks and operators, we are able to offer Danes a unique mobile payment experience, said Martin Andersen, managing director of Swipp. With the acquisition, a larger user base will give consumers more opportunities to make payments using their cell phones. In addition, Swipp will work with Paii to develop a more personalized and user-friendly mobile payment solution that can be integrated into the cash registers of retail chains. The merger of the second and third largest mobile payment service in Denmark puts Mobilepay in a precarious position, and Swipp plans to overtake Mobilepay as the largest mobile payment service in the Danish market within two years after acquiring Paii.
Introduction to Payment in Denmark
Sofort Banking Online Bank Transfer
Founded in 2005 and headquartered in Munich, Germany, Sofort Banking, also known as sofortĂĽberweisung, is a European online bank transfer payment method that supports bank transfers in Germany, Austria, Belgium, the Netherlands, Switzerland, Poland, the United Kingdom, and Italy.Sofort Banking Sofort Banking provides a convenient, secure and innovative online payment solution for e-commerce by integrating bank payment systems from various countries.
Currently, more than 30,000 merchants have integrated Sofort Banking payments, covering e-commerce, aviation, and various online service industries, such as DELL, Skype, FaceBook, KLM Royal Dutch Airlines, Emirates, etc. All of them support Sofort Banking payments.
Many people may wonder why Europe should use credit card or PayPal more, why still need sofortbanking? Let’s take a look at the alexa traffic of sofortbanking:
Sofort Banking payment has the following main features:
real-time transactions; this is the same as PayPal or credit cards.
No chargeback, can not refuse to pay; (of course, the merchant can choose whether to open the buyer protection, if not opened will not refuse to pay), and PayPal or credit card to protect the buyer, can be refused to pay, within 180 days the buyer can refuse to pay.
Cheap transaction fees; PayPal’s rate for merchants is 4.3% + 0.3$, in addition to a withdrawal fee of 35$ per transaction.
no margin or revolving margin; PayPal or credit cards usually have a certain transaction margin, and 10% revolving margin, which puts a lot of pressure on merchants’ cash flow.
How to access sofortbanking payment? Merchants can access sofortbanking in the following two ways.
contact sofortbanking directly to open an account, but it is necessary to have a European bank account in order to settle the payment.
One-stop access to local payment methods in many countries around the world, including sofortbanking, through PiedPay, without the need to have a European bank account.
Giropay - German Online Bank Transfer
Giropay is a simple, fast and secure online payment method utilizing internet banking. giropay offers secure and reliable online payments from over 1,500 banks in Germany. When you make a payment with Giropay, you are directed via a secure connection to your online bank account at your bank and then you can log in with a PIN code and confirm the payment with your transaction password. Giropay was founded by Postbank, Sparkassen-Finanzgruppe and Volksbanken-Raiffeisenbanken.
To date, 21 million internet banking users have paid with Giropay; data shows that 80% of German internet banking terminals use Giropay. the market acceptance of the payment system continues to expand as the number of participating banks and sales sites increases, with usage doubling every year. giropay offers real-time and convenient order processing, high security, and a payment guarantee of up to 10,000 euros. up to EUR 10,000.
Introduction to Payment in Germany
Market situation
The Dutch e-commerce market has shown rapid growth in recent years. The number of online stores in the Netherlands has more than doubled since 2006. The Dutch Online Retailers Association released data showing that online sales in the Netherlands amounted to €3.6 billion in the first quarter of 2014, accounting for 22% of total Dutch consumer spending. Consumers made 26 million online purchases and more than 75% of the Dutch made at least one purchase. According to the survey statistics, most Dutch female consumers prefer to buy clothing online, followed by sporting goods, and men tend to buy hardware and software and other electronic products. While apparel is the most popular online shopping option for the Dutch, flights and accommodations have the largest online order value in terms of transaction value, at €700 million.
Local payment options in the Netherlands
The available payment options in the Netherlands are online transfers, bank and credit cards, e-wallets, direct debits, and other payment methods, with online transfers accounting for 63.8% of the market, credit and bank cards for 16.1%, and e-wallets and direct debits accounting for a relatively small share of 2.6% and 1.7%, respectively.
There are three popular optional payment methods in the Netherlands: iDEAL, Sofort and PayPal. iDEAL is a local Dutch payment method that is so popular for cross-border transactions that even the international payment platform PayPaly can’t shake it. Consumers can use iDEAL to transfer payments directly from their bank accounts. More than 400 million transactions have been paid through iDEAL to date. Sofort, which is commonly used in Europe, also has a market share in the Netherlands.
iDEAL
Founded in 2005, iDEAL is an online real-time bank transfer payment method that supports almost all local banks in the Netherlands, a list of the major banks is shown below:
Currently it occupies about 50%+ market share in the Netherlands, and 80% of the local e-commerce companies support iDEAL. The following is the growth chart of iDEAL transactions
From the above chart can be seen iDEAL payment share has occupied an absolute advantage, and also shows an increasing trend, it is recommended that the Dutch customers of the e-commerce site to access iDEAL payment methods, the current domestic Dunhuang network has supported iDEAL payment methods. iDEAL payment mainly has the following characteristics. 1:
Real-time transactions, which is the same as PayPal or credit card. 2.
No chargeback, can not refuse to pay (of course, merchants can choose whether to open the buyer protection, if not opened will not refuse to pay), and PayPal or credit card to protect the buyer, you can refuse to pay, within 180 days buyers can refuse to pay. 3. transaction costs are cheap.
Cheap transaction fees: PayPal’s rate for merchants is 4.3% + 0.3$, and there is also a withdrawal fee of 30$ per transaction, while iDEAL is much cheaper. 4. No margin or revolving margin.
No margin or revolving margin, while PayPal or credit cards usually have a certain amount of transaction margin, as well as 10% revolving margin, which puts a lot of pressure on the merchant’s cash flow.