Payment has evolved from the physical exchange of notes and coins, to writing checks, to transferring payment card details over the phone or the Internet. This evolution has involved a shift from the physical transference of tangible tokens of value to an exchange of information between parties. The emergence of e-commerce has further digitized the payment process, whereby payment details are sent over open networks with no physical contact between the buyer and the seller. The recent development of high-speed mobile data networks has created a new channel for commerce, while more sophisticated mobile devices are enabling the virtual exchange of payment information known as proximity payments. The shift from physical to virtual payments has brought enormous benefits to consumers and merchants. However, it has put extra pressure on payment service providers, including banks and card companies, and mobile operators, to provide robust security and interoperability. This shift precipitates a need for retailers to adapt toward fast, simple and secure mobile payments.
Data in this report is based on a representative international survey of the general population that was commissioned by PwC. Between September and October 2018, the survey reached 5,500 people across six countries: Germany, Austria, Switzerland, the Netherlands, Belgium and Turkey.