Allied Wallet, a globally leading provider of mainstream online payment processing, recently added MyBank, Trustly, SEQR, and Klarna to its long list of payment options to support Italy’s fast-growing e-commerce market.
With over 19 million online shoppers in Italy spending about €21 billion annually, it is apparent that e-commerce is seeing amazing growth in Italy. This may be attributed to the fact that 80% of Italian shoppers prefer home delivery.
As one of the fastest growing e-commerce markets in Western Europe, Italy’s online sales have more than doubled from €9.6 billion in 2013 and it is expected to reach €28.8 billion by 2022.
“Italy has the largest market in Europe for luxury goods, and people love to purchase these things online. Our job is not only to connect these shoppers, but also to protect them. With e-commerce’s growth rate, fraud can become a problem – but not with Allied Wallet. We’re actively working to eliminate fraud and we screen our merchants accordingly to protect businesses and consumers alike,” said CEO Andy Khawaja.
With a population of 62 million and only 36% having a credit card, it’s no surprise that more alternative payment options would be preferred in Italy. They have a higher banked population at 87%, as compared to the world’s 62% average.
This statistic could be attributed to the “Save Italy Plan” that was launched in December 2011, obligating banks to provide a current or basic payment account to socially disadvantaged customers for free.
Services like Trustly, MyBank, and SEQR enable users to pay with their bank accounts online. Klarna, another popular alternative payment option, allows users to pay them and they issue the payment to the online store. These options give Italians more convenient, safe ways to pay.
97% of 16-24 year olds in Italy log on daily as well as 96% of 25-34 year olds. Even 76% of the over 55 demographic log on daily. Fashion goods lead the product categories with €4.4 billion of the market share followed by Electronics & Media with €3 billion.
These numbers are all expected to continue to grow at an incredible rate. Allied Wallet is proud to offer several new payment methods to service Italy and abroad, and holds a commitment to Italy and the world to protect and grow global e-commerce.
About Allied Wallet:
Allied Wallet continues to revolutionize the e-commerce industry by introducing new and innovative payment processing solutions for online merchants, enabling them to send and receive global payments. With PCI compliant merchant services for nearly any business size, Allied Wallet provides a state-of-the-art payment gateway to optimize online transactions. Please visit www.alliedwallet.com.