Vienna, 10. May 2016 – Across Europe, Austrians are cash’s greatest fans, according to a new survey by paysafecard – a global market leader in online prepaid payments methods sector and part of Paysafe Group plc. One of the clearest findings from paysafecard’s Payment Radar Europe survey is that cash and online cash-based payments are more relevant to people today than ever before. This is because entering personal details, such as account numbers or credit card information, does cause security concerns for some wanting to pay online.
The survey was based on insights from more than 4,000 people in Austria, Germany, France, Greece, Great Britain, Italy, Poland and Spain. It found: 37% consider cash better almost 50% chose cash-less payments. The remainder were undecided. At almost 57%, Austrians are Europe’s cash-friendliest populace – particularly among the youngest and oldest target groups. Almost 63% of 18-25 year olds prefer cash, as do 66% of the 60+ generation.
From an international perspective, Germans (50%), in particular, are as similarly cash savvy as Austrians. At the other end are the Polish (74.8% for cashless) and French (59%). In Great Britain, on the other hand, more than a quarter (26.7%) are indifferent to the subject. In addition, the question of “cash or cashless” is gender independent across all the countries. There are no significant attitude differences between men and women in this respect.
A broad front not ready to say ‘goodbye’ to cash
The abolition of cash and the introduction of upper limits – already familiar to many European countries – finds significant opposition in Austria. 81.5% of those asked there are against them. This once again represents a peak figure in Europe. When asked about an abolition of cash (because upper limits already exist in those countries), almost 71% of the French and 69% of Spaniards are against such a measure.
Cash for the internet too!
If there were something like “cash for the internet”, 76% would at least try it. Udo Müller, CEO of paysafecard, sees the greatest potential for paysafecard in precisely this aspect: “With paysafecard we offer precisely this kind of payment method, which is the closest there is to the experience of paying cash online: no personal details, no security risk when paying, and no costs for the payment method itself. That four-fifths of those asked want precisely this corresponds to the highly successful course we are pursuing with our prepaid payment solution in 43 countries.”
Entering personal details causes concern
Entering personal details online – particularly when paying with credit cards or the like – causes a dilemma among many users: Around 20% of those asked across Europe state that they sometimes experience security concerns when entering details. This reservation is particularly widespread in France (28%). Only a small minority have no concerns about revealing their details online, reaching a peak value of almost 12% in Great Britain.
More payment options – more buyers
Of interest to online merchants is the question of cancelled sales resulting from security or payment concerns. 48% of all those asked have cancelled at least one purchase due to security concerns. This concerns the youngest target group (18-25) in particular, where 57% have not followed through on purchases due to security issues. Among those over 60, only 41% have had similar experiences.
In four countries – including Austria with 30% agreement – cancelled purchases are also high because payment was only possible with a credit card. In this respect, significantly more women (almost 37% agreement) than men (21.7%) are affected.
Udo Müller notes: “When an online shop offers paysafecard as a payment method, it expands the consumers’ choice of options when paying. This reduces cancelled purchases and significantly drives purchase rates upwards. This is precisely the experience we have had with almost all our partners to date.”
The survey: Conducted by market researcher Marketagent and 4,010 people aged between 18 and 69 in eight countries (Austria, Germany, France, Greece, Great Britain, Italy, Poland and Spain); survey period 15-23 March 2016.
paysafecard is a prepaid online payment available in 43 countries at more than 500,000 sales outlets worldwide. Anyone can use paysafecard without the need for a bank account or credit card. The paysafecard 16-digit PIN is all that's needed to complete a payment transaction. paysafecard, from its base in Vienna, has become one of the market leaders in prepaid payment solutions with the brands paysafecard, my paysafecard and paysafecard Mastercard®.
The company was founded in Austria in 2000 and is part of Paysafe Group plc. Shares in Paysafe trade on the London Stock Exchange under the symbol (PAYS.L).
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Find out more at www.paysafecard.com. To learn more about Paysafe, visit www.paysafe.com.