Digital payments in Italy seen matching cash payments in 2023: study

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 digital payment upi

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Representative imapayments in Italy totalled 206 billion euros ($216 billion) in the first half and are seen reaching 440 billion by the end of the year, nearly matching the value of cash transactions, a report showed on Friday.Elevate Your Tech Prowess with High-Value Skill Courses
However, at 13% year-on-year in the first half, it remained above an average 10.5% rate recorded between 2016 and 2019.

With less than half of its ageing population possessing basic digital skills, Italy still has "untapped digital potential", according to a previous European Union report, making it an attractive market for electronic payments.

The number of digital transactions rose by 17.6% year-on-year between January and June, reaching 4.5 billion with an average size of 45.7 euros each, the Politecnico University School of Management data showed.

In terms of value, contactless card payments topped 100 billion euros in the first half, the report said.

Driving growth are transactions in shops completed via smartphones and wearable devices which soared 97% year-on-year.

Also on Friday, Italy's payments firm Nexi, Europe's biggest by volumes, said smartphone and smartwatch transactions jumped 123% year-on-year.

Nexi also reported a 47% growth in electronic wallet transactions.

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Booming Cross-Border E-Commerce Activity in Asia Presents Opportunities for European Merchants VARIOUS Booming Cross-Border E-Commerce Activity in Asia Presents Opportunities for European Merchants by Fintechnews Switzerland September 12, 2023 International e-commerce spending by JCB cardholders based in Asia increased by 52% between 2021 and 2022, presenting a significant opportunity for merchants in Europe as shoppers across the region show increasing willingness to purchase goods online from foreign businesses, a new paper by the Japanese credit card company shows. The report, titled “Click into Place: Unpacking Card Abandonment”, provides insights on online spending from Asia, sharing the latest research and data on e-commerce trends to help businesses boost e-commerce sales and stand out from the crowd. 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High cart abandonment in Asia suggests that there is potential for more expansion in the region if merchants are able to solve customers’ friction points and improve experience, the report says. cross border e-commerce image via freepik Addressing cart abandonment Cart abandonment is the act of a shopper adding an item to an online shopping cart but leaving the website without completing the purchase. It represents a significant amount of lost revenue for merchants in the online space. According to JCB, there are several cause of cart abandonment, with the first common one being the payment journey. In Asia, complicated checkouts and unexpected payment processes are cited as a reason for abandoning carts, with 55% of online shoppers in the region identifying long login and sign-up forms as a key source of frustrated. To address this paint point and boost sales, merchants must enhance customer experience by streamlining their checkout process with a well-designed website. 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  International e-commerce spending by JCB cardholders based in Asia increased by 52% between 2021 and 2022, presenting a significant opportunity for merchants in Europe as shoppers across the region show increasing willingness to purchase goods online from foreign businesses, a new paper by the Japanese credit card company shows. The report,  titled  “Click into Place: Unpacking Card Abandonment”, provides insights on online spending from Asia, sharing the latest research and data on e-commerce trends to help businesses boost e-commerce sales and stand out from the crowd. According to the report, cross-border e-commerce activity increased substantially last year, with India leading the region with a staggering five-fold growth, followed by Indonesia and Vietnam, where cross-border e-commerce more than doubled between 2021 and 2023. In Hong Kong and the Philippines, global e-commerce spending grew by around 80%, while China, Taiwan and Thailand saw growth of about 50%. Fu...
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