Italy: Bitcoin in online shopping more popular than Visa and MasterCard
While the Bitcoin narrative seems to be evolving towards “Gold 2.0”, the Italians are showing that they can spend BTC as well. A study in the Italian newspaper La Stampa has found that Bitcoin is becoming increasingly popular, especially for paying for larger online purchases. Overall, bitcoin payments rank third in Italian e-commerce: only the payment services PayPal and PostePay are used more frequently
For their online purchases, Italians now prefer Bitcoin rather than credit cards. This is a very surprising result for Italy, writes an analyst of the Italian daily La Stampa . Boston-based marketing research firm SemRush has previously stated in a survey that Bitcoin is now in third place in the list of the most used online payment methods behind PayPal and the Italian prepaid card service PostePay.
The data also showed that Italians use cryptocurrency for online shopping to a greater extent than traditional credit cards such as Visa, MasterCard or American Express. In doing so, Italy is using Bitcoin as a means of payment to forerunners such as Lithuania and other Eastern European countries.
According to La Stampa, Bitcoin is used more than 215,800 times a month for online purchases in Italy, while American Express is used only 189,000 times a month. Visa, MasterCard and other credit cards lag far behind with just 33,950 online transactions per month.
Bitcoin to PayPal and PostePay in third place
Californian online payment service PayPal remains the unchallenged first choice for online payments in Italy with around 1.3 million payments per month. The virtual PayPal accounts are linked to both credit cards and checking accounts. Meanwhile, almost all online retailers accept PayPal as a payment service provider in contrast to Bitcoin. Apart from maybe industry greats like the online mail order company Amazon, which offers its own payment services.
Just behind PayPal follows the Italian payment service PostePay with nearly 1.2 million monthly transactions. In the evaluation, however, completely ignored that many PayPal and PostePay accounts are linked to credit cards. Whether credit cards as a means of payment therefore really hardly matter, is difficult to say. At least it is clear: Bitcoins have established themselves as a normal means of payment in Italy for online purchases.
Total spending on e-commerce in Italy in 2018 was over 40 billion euros. At least 62 percent of Italians bought online at least once during the past year.
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