The drivers of payment performance on the European market in 2023

CEO of Payplug, Antoine Grimaud, has identified the key drivers of payment performance in the European market in 2023. Here is a summary of the interview to the international media The Paypers :

The latest market developments and trends in Europe that have added complexity to payments

A diversification in payment methods has arisen due to consumer demand for more flexibility in purchasing : Buy Now, Pay Later (BNPL), one-click, pay-by-link, and mobile payment. These innovations represent a fundamental change in consumer habits and an opportunity for merchants. 

In addition, optimising payment strategies involves adapting to the needs of each country and  to new regulatory developments such as the Payment Services Directive 2 (PSD2). PSD2 makes it crucial for merchants to fully understand the workings of the regulation to offer a frictionless buying experience.

The increasing complexity of payment involves selecting the right partners in order to offer the most appropriate service for your client base.

One in two consumers has already abandoned an online purchase at the payment stage*.

The main reasons for abandoning an online purchase at the payment stage are doubts about the security of the payment page, the slowness of the site, overly restrictive security and payment pages that are not optimised for mobile phone use. 

Payment service providers like Payplug can supply merchants with keys to overcoming these obstacles and improving conversion rates while maintaining a high level of security. 

How can a payment partner, such as Payplug, help merchants turn these complexities into opportunities?

With the latest market developments and trends, merchants need to be able to rely on their PSP to cover the entire payment value chain, from acquisition to conversion.
Read The Paypers' article and find out how Payplug can turn a transaction’s risk of failure into conversion opportunities across the 4 links of the value chain: the payment page, authentication, acceptance and post-transaction (chargebacks).

The future of payments in Europe: our advice for 2023? 

The complexity of the context pushes merchants to rethink their business models and undertake optimization to recoup costs and become more resilient : 

• Multiplying their customers' contact points (websites, shops, resellers, social networks, and marketplaces) to dilute risk and ensure income.
• Taking advantage of the boom in payment orchestration platforms.
• Directing transactions to the most appropriate acquisition route for the market using Smart Routing technologies.
• Relying on the expertise of payment players who master the entire value chain to provide them with detailed recommendations to boost their performance, such as Payplug.

Read the full interview given by Antoine Grimaud, CEO of Payplug, to the international media The Paypers. 

*Source : "Les Français et le e-commerce”, OpinionWay x Payplug, September 2021