New research compiled by Aion Bank and Vodeno released today, highlights that Europe’s top 50 retailers and marketplaces are prioritising new payment options to give customers greater choice at the checkout.  

The analysis assessed the payment options available at checkout for the top 50 non-food retailers and marketplaces across Europe1, revealing five payment methods are offered on average. While credit and debit cards remained dominant, offered by 100% of retailers, digital wallets such as PayPal (84%) and Apple/Google Pay (62%) are now widely adopted, reflecting the increasing demand from consumers for digital payments. Looking specifically at the UK, retailers lagged European counterparts – with only four payment options offered on average.  

‘Buy Now Pay Later’ (BNPL) services, including "Pay in 3," are now increasingly seen as the norm and offered by 70% of Europe’s top 50 retailers. This makes it the third most popular payment option overall, and signifies its role in enhancing the customer experience, improving flexibility and driving revenue.  

The data also reveals the emerging payment options not yet widely offered. Only 18% offer some kind of A2A or bank transfer, which facilitates instant payments for customers and removes inconvenient pending transactions. Despite the growth in mobile banking and popularity amongst Gen-Z consumers, only 4% of these bank transfers offered the option to pay through A2A mobile payments - using one-time push notifications through an app, to complete purchases.  

Brands that provide greater choice in payment options stand to gain. In fact, our research reveals 40% of consumers will remain loyal only to brands that provide financial benefits like BNPL and cashback, rising to 50% amongst those in the 25-35 age group. 

Neil Chandler, CEO of Aion Bank, said: “Customers expect choice when shopping online and if the payment experience doesn’t match the customer journey, they will take their business elsewhere. Providing this experience enables retailers to deepen the relationship with the customer, giving them choice and inspiring greater loyalty.  

“Customers don't want a loan, they don't want a credit card, and they don't want a mortgage. They want a holiday or a pair of jeans, or a house. And in difficult economic times, offering the right financial solutions at the right time can help them achieve this, but it is important to remember that rigorous affordability and responsible lending practices are crucial in order to get the right customer outcomes.”