Italians are breaking the standards. Cryptocurrency is becoming more and more interesting globally and there no exception for Italy. Italian would rather pay with Bitcoin than with their credit cards when shopping online.
Third Most Widely Used Means Of Paying Purchases Online
The cryptocurrency has apparently become increasingly popular among consumers, particularly online shoppers, in Italy. It is now the third most preferred means of payment online in the country next to PayPal and PostePay.
Digital payments among Italians have diversified as interest in e-commerce grows in the Mediterranean country.
The data revealed that Italians have moved beyond using traditional credit cards for making purchases online and Bitcoin appears to be a viable alternative payment method for them.
Bitcoin Used More Frequently Than Visa, Mastercard And American Express
Data obtained by Italian daily newspaper La Stampa showed that on average, Bitcoin is used more than 215,800 times per month in Italy for online purchases.
American Express, on the other hand, is used just 189,000 per month. Visa, Mastercard, and other credit cards are used only 33,950 times per month.
Marketing analysis firm SEMRush, which carried out the analysis of digital payment methods used by Italians, said that the data indicates that Bitcoin is now more widely used for e-commerce in Italy than Visa, Mastercard and American Express.
Bitcoin Transactions Peaked In June When Cryptocurrency Rose Above $13,000
Bitcoin transaction activities in Italy peaked in June with a record transaction of 368,000. This coincided with a bullish run in Bitcoin price that month. The cryptocurrency rose to its highest level in nearly two years in June, surging above $13,000 per coin.
Next To Paypal And PostePay
Paypal remains the preferred choice for online payments in Italy with about 1,383,000 payment transactions per month. The California-based online payment service company’s dominance is largely attributed to its near-global acceptance and ease of use.
Italian payment processor PostePay came in second, with an average of 1,175,000 monthly transactions.
The number of transactions made by these two payment processors per month dwarfs that of Bitcoin’s, but the growing popularity of Bitcoin as an e-commerce tool in Italy is impressive, not only because it is now more popular than Visa, America Express and Mastercard.
It is notable that most Italian consumers used to look down on Bitcoin with suspicion and skepticism. Many e-commerce sites also continue to shun Bitcoin as a payment method and lean towards traditional credit card payments.