E-commerce growth as a whole across the European region remains strong. It is slowing slightly in more mature markets such as the United Kingdom, France and Germany. However, a number of smaller markets present compelling opportunities. Of the 18 European countries we examined, 10 are projected to enjoy double-digit e-commerce market expansion between now and 2021, with the Czech Republic (16 percent), Italy (14 percent) and Spain (13.5 percent) ranking highest for predicted growth, J.P.Morgan write in their 2019 Global Payments Trends Report - European Overview publication.
Mobile commerce is the main driver of growth, far outstripping the overall e-commerce market. In the UK and the Czech Republic, mobile devices are now the primary way to spend online. Similarly, Ireland, Norway and Sweden also stand out as key adopters of smartphone-based payments, the report shows.
But the Czech Republic, may also have some of the biggest hurdles to modernizing its payments landscape. The Czech market stands out for its high levels of cash usage. Settling payment on delivery with cash is the most popular way to pay in the Czech Republic, representing 45 percent of transactions. However, this causes problems for merchants who face delayed payment, as it is received on delivery, and also the additional costs associated with collection, the report says.
2nd October 2019
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