Online Payments on the rise in Italy

09/21/2016

Online payments are on the rise in Italy. A recent report ("Digital Payments in Italy"), compiled by Maestro, PayPal, and a number of other major companies, states that the total number of digital payments processed last year has increased by 12.2 percent compared to 2014. According to an article published on Webnews, cash payments still account for 56 percent of a household's consumer spending whereas digital payments account for about 22 percent.

Though Italy is still below the European average, there has been a steady increase in the number of online transactions per capita (from 38.8 to 44.1 transactions). The average amount spent per transaction is 66 euros, which is a euro less than in 2014. However, the average Italian seems to only use a card to pay for goods just once a week, placing them far below the European average. 

Mobile commerce, however, is gaining ground fast in Italy. The number of products and services purchased has increased by 56 percent in 2015, with a total value of almost 2.7 billion euros. This is likely due to the rise of mobile solutions (such as apps) and the establishment of a stronger smartphone culture. Additionally, a growing number of services such as charging phone cards, car sharing and mobile parking stimulate the use of the smartphone for certain purchases. 

As the focus shifts from cash payments to mobile and digital payments are increasing, Italy has a good foundation for accepting digital payments.

Source: Webnews Italy