In Italy, the usage of payment cards has historically been lower than in other European countries, with cash continuing to be the preferred payment method among consumers, influenced by several cultural factors. However, payment card usage has increased- from 13% of the total consumer transaction volumes in 2019 to 26% in 2022. Elisabetta Nadal (Business Analyst, London) reviews the dynamic changes in payment acceptance trends in Italy within the broader context of the evolving payment landscape in Europe.
Mark Beresford (Director, London) and Martin Koderisch (Principal, London) supported the Payment Leader’s Summit (PLS-UK) which was held last month, 11th and 12th October, and hosted at Syon Park in west London. Mark Beresford (Director, London) summarises the event in this post-event article.
Gregoire Touissaint (Director Paris) participated in three different panel discussion during the CPI Global Summit held New York City in October. In this article, Gregoire shares the key take-aways learnt during these discussions
Tue To (Manager, San Francisco) dives into the ways in which BigTech giants are reshaping finance, blurring boundaries, and disrupting traditional banking with innovation and embedded financial services.
Pre-pandemic, merchants in Europe were falling over themselves to accept Chinese payment methods both in store and online. According to the World Tourism Organization (UNWTO), there were 141 million Chinese visits to Europe in 2019. Also, according to UNWTO, Chinese tourists spent an average of €1,919 per day in Europe in 2019, which is significantly higher than the average spending of other nationalities. The affluence of the Chinese middle class continues to grow rapidly, meaning the segment has more disposable income to spend on travel. In 2022 we only saw 25 million Chinese visits to Europe, representing a 44% compound decrease in visitor numbers between 2019 and 2022. As more global travel restrictions are relaxed, Mark Beresford (Director, London) has looked at the importance of accepting Chinese payment methods for merchants across Europe.
At the end of June 2023, buried in the GOV.UK website, there was a Memorandum of Understanding (MoU) establishing a framework for financial services regulatory cooperation between the European Union and the United Kingdom. Mark Beresford (Director, London) has investigated what this could mean for the payments and fintech industry on both sides of the English Channel and could this be the start of a gradual reversal of Brexit for the financial services sector?