Paysafe expands local payment method coverage across Europe
Paysafe is excited to announce partnerships with additional preferred local payment methods (LPMs) in four key European markets: Austria, Italy, Poland and Portugal.
Customers always prefer making purchases with payment methods they know and trust, which makes offering localised payment options vital for merchants across Europe. With that in mind, Paysafe is excited to announce partnerships with additional preferred local payment methods (LPMs) in four key European markets: Austria, Italy, Poland and Portugal. Paysafe aims to provide both merchants and their consumers with access to trusted, local payment options and these new partnerships strengthen Paysafe’s European LPM portfolio in that vein.
Having access to preferred local payments is vital for users, as our research found that 43% of consumers surveyed have abandoned their online shopping cart because their preferred payment method wasn’t available. Among those payment methods, bank transfers are becoming increasingly popular with consumers, as users enjoy the speed and security that they offer. We saw that in our research as well, with 39% of respondents saying they’re using it more frequently than the year before.
As LPMs increase in importance, Paysafe is pleased to offer these new payment options to their clients.
New local payment partners across Europe:
- Austria – EPS: EPS allows customers to pay for their online purchases instantly using their banking credentials through a well-established and trusted payment brand. Major Austrian banks and 11,000+ online shops offer EPS, making it the go-to option for Austrian consumers.
- Italy – MyBank: Launched in 2013, MyBank partners with 250 local banks and payment service providers to allow users to make seamless payments from their bank account. MyBank has an impressive 70% market share in Italy and over 40 million users.
- Poland - BLIK: Among the most popular mobile payment methods in Poland, BLIK collaborates with major Polish banks to allow users to make various financial transactions from their smartphones. BLIK had nearly 16 million active users last year, a 22% increase from the previous year.
- Portugal - Multibanco/MB WAY: Multibanco is the largest interbank network in Portugal with over 40 years of market leadership. They process more than 65 million transactions per month and 85% of online shoppers use MB WAY when it’s available.
Bob Legters, Chief Product Officer at Paysafe, had this to say on the partnerships: “Offering consumers their preferred local payment methods is crucial for enhancing trust and driving conversions. Our new partnerships across Europe reflect Paysafe’s commitment to providing merchants with secure, region-specific payment options that meet consumer demand and boost customer loyalty.”
These LPM partners ensure that merchants can provide their audience with key payment methods across Europe, providing an optimal UX experience that is familiar and inspires trust for both the merchants and their audience.
