Installment payments are an ally for consumers and brands, and are used in Portugal by 61% of respondents, in Spain by 62%, by 59% in France, and by 60% in Poland, in the same proportions; that is, six out of ten consumers use it at least once a year.
The data comes from a study by Oney Bank, which also reveals that, in Portugal, 17% say they use it whenever possible or once or twice a month. 14% even reinforce that the possibility of paying in installments is an incentive to buy online. 25% say they choose to shop at brands that offer the option of installment payments.
A survey conducted in partnership between Oney Bank, Opinion Way, and Altavia reveals consumer trends regarding banking practices in four of the 11 countries where Oney Bank operates: Spain, France, Poland, and Portugal. Changes in behavior over the last decade have allowed for the identification of shifts in consumer behavior, namely, a greater demand for products and services with better value for money, simplification, the advantage of being a user rather than an owner, and increased autonomy for individuals. Through this study, Oney Bank aims to demonstrate the impacts of these changes and identify the respective needs and expectations regarding payment methods.
European consumers frequently use installment payments, which are decisive at the time of purchase, since one in two customers abandons or postpones a purchase if the merchant does not offer the possibility of payment in installments. A third of those surveyed choose brands that offer this option, with the 18-34 age group being the most attentive and prioritizing brands that offer installment payments. Consumers generally use installment payments mainly for amounts between €100 and €500, and in Portugal, 29% of respondents use this option within that range.
Portuguese, Spanish, French, and Polish people use, on average, more than five payment methods, including bank cards, cash payments, and bank checks. Portugal stands out in bank card payments, used by 98% of respondents, of whom 44% use it systematically. Cash payments are the second most used option, employed by 94% of Portuguese respondents, with 25% using it systematically.
Another finding reveals that, at the time of purchase, the expectations of consumers of all four nationalities are similar: they all seek security, simplicity, and speed.
The Portuguese continue to favor direct payment to the seller, in the case of 79% of those surveyed; however, payments at ATMs/quick checkouts are the first choice for 70% of people.
It is noteworthy that the "try before you pay" method is beginning to gain traction in the Portuguese market and is generating interest among 70% of respondents, of whom 26% are very interested in using this method and 44% are potentially interested in trying it.
Consumers in the four countries are familiar with innovative payment methods: 10% to 25% have already used mobile payment methods, biometric payments, payments through connected devices, or via social networks. In Portugal, Spain, and Poland, three out of ten consumers use their mobile phones to make payments. 49% of Portuguese respondents say they use their mobile phones to pay for clothing and fashion accessories, either in-store or online.
In this context, generally speaking, consumers expect the payment method they use to be, first and foremost, secure. In Portugal, security emerges as the main characteristic (90%), confidentiality is indicated next (61%), and speed of payment (58%) and simplicity (52%) are equally important.
When choosing a payment method for purchases, Portuguese consumers prioritize simplicity (58%) and want a lot of freedom of choice (38%).
Online shopping is gaining popularity among the Portuguese, with 28% stating they shop online once or twice a month. 25% say they shop online whenever possible, 24% of respondents reveal they rarely shop online, and 17% say they shop online once or twice a year.
More than half of European consumers wouldn't mind if cash payments disappeared, with 50% of Portuguese consumers considering it progress, compared to 26% who are bothered by it.
Another finding reveals that some consumers remain reluctant to accept purchases that are automatically debited from their accounts without going through a checkout, because they miss the human contact. In Portugal, this sentiment is reflected in 33% of those surveyed.
The study reveals an interest in new shopping experiences, although it reinforces the importance of human contact during the act of purchasing. It also shows that this act generates satisfaction, despite the need for improvements in security, confidentiality, speed, and the duration of contact with people.
