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Research Outline
Prepared for James C. | Delivered February 25, 2020
Europe: ECommerce Payment Processors
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Goals
To understand the ecommerce payment processor market in European researching the top ecommerce payment processors and their trajectories for the countries of the U.K., Netherlands, Germany, Sweden, and Austria (if available) or Europe as a whole.
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Early Findings
United Kingdom
Worldpay
is the largest payment processing company in the U.
K.
handling 40% of credit card transactions. However, Worldpay is
not
a complete ecommerce solution.
Shopify
is the most popular ecommerce platform in the U.K.
PayPal
is another top payment processing company in the U.
K.
with 20 million U.K. users.
Checkout.com
is the U.K.'s fastest growing fintech company that tripled its processing volume from 2017 to 2018.
A few of the top payment processing companies for
small businesses
in the U.K. are Stripe, iZettle, and Square.
Netherlands
The Netherlands B2C ecommerce market size is
$17 billion
as of 2015.
The
top 5
ecommerce payment processors in the Netherlands are iDeal, 2Checkout, Stripe, PayPal, and Klarna.
iDeal
is favored because it allows consumers to transfer money directly from bank accounts.
2Checkout
out is popular since it offers 12 different payment methods (i.e., American Express, direct debit).
Purchases on mobile apps
is one of the key factors contributing to the growth of ecommerce in the Netherlands and iDeal boosted transactions by 33.8% in 2017 because of mobile purchases.
Germany
Major payment processors
in Germany include Adyen, Authorize.net, Klarna, PayPal, and Stripe.
Digital wallets and ecommerce methods of payment are growing in Germany, but
invoicing
for buying goods online is still favored.
PayPal, Apple Pay, and Android Pay
are expected to overtake bank transfers in Germany in a few years.
The
benefits
of security and convenience, along with the usage of mobile phones, is helping to boost this type of payment.
Sweden
While our research couldn't identify the top payment processor we were able to find some of the most popular that include:
Adyen, Stripe
,
QuickPay, Wirecard, Braintree, and Worldpay
.
Sweden's ecommerce market is
$12 billion Euro
.
S
w
e
d
e
n
is moving towards a cashless society with credit cards making up
41.5%
of purchases. The country is also in the developmental stages of creating
cryptocurrency
.
Klarna (a Swedish company) and PayPal seem to be the
most popular
payment process companies.
Austria
Austria
has a smaller market for ecommerce than other European countries, but it is growing.
Demand
for local merchants and usage of mobile phones are two key factors.
Austria has a
$9.1 billion
Euro ecommerce market value.
Amazon and PayPal are
two
of the top companies in Austria.
However
, Adyen, Stripe, and Klarna are also present.
Electronic Payment Standard
is a popular domestic online bank that 80% of merchants in Austria accept.
A few of the
top markets
for ecommerce in Austria are clothes, sporting goods, travel, and books.
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