From the winding streets of Rome to the bustling plazas of Madrid and Lisbon, a quiet revolution is taking place at the checkout. Mobile-first, bank-backed, and cross-border-ready payment methods are transforming the way consumers pay—and merchants must keep up.
According to How Europe Likes to Pay, our latest guide to APM adoption, alternative payment methods (APMs) like Bizum, Bancomat Pay, and MB WAY are on the rise, with transaction values in the digital payments market projected to hit $599.5 billion by 2028 in Southern Europe alone. What’s driving this growth? A potent mix of ecommerce acceleration, local fintech innovation, and cross-border collaboration.
The end of cash as king?
While cash still plays a role—especially in rural areas of Southern Italy, Spain, and Cyprus—consumer behaviour is shifting. Urban consumers are embracing mobile wallets, instant bank transfers, and even Buy Now, Pay Later (BNPL) options. For instance, Portugal’s MB WAY has captured over 5 million users and dominates P2P and merchant payments, while Spain’s Bizum is used by nearly all Spanish bank customers, powering instant payments from just a phone number.
In Italy, Bancomat Pay is now accepted by over 385,000 merchants and used by 31% of consumers, showing the power of bank-integrated APMs over international digital wallets. Meanwhile, Greece and Cyprus are seeing rapid growth in Apple Pay, Google Pay, and PaysafeCard adoption, particularly among younger consumers.
A game-changer: the launch of EuroPA
One of the most exciting developments in the region is EuroPA—a collaborative payment network born from a groundbreaking agreement between Bizum (Spain), Bancomat (Italy), and SIBS/MB WAY (Portugal). EuroPA is designed to deliver frictionless, cross-border mobile payments across Southern Europe, linking over 42 million users and processing more than 1.4 billion payments in 2023 alone.
This move toward interoperability is significant. It not only makes life easier for consumers but also opens up a new frontier for merchants—especially those with cross-border ambitions.
“The future is in instant transfers, which already make up more than half (53.6%) of all credit transfers in Spain, compared to just 15.5% across the Eurozone. With initiatives like EuroPA, nearly 50 million users will soon enjoy cross-border P2P payments, accelerating digital payments across Europe." Rodríguez Ferrer, Business Development Manager at Bizum
Why APMs matter for your business
If you're expanding into Southern Europe or want to increase conversion rates in your existing operations, understanding local payment preferences is no longer optional. It's essential.
Here’s what you need to do:
Integrate the right APMs: Offer MB WAY in Portugal, Bizum in Spain, Bancomat Pay in Italy, and PayPal where cross-border demand is strong.
Optimise for mobile: Southern Europe’s digital journey is mobile-first. If your checkout isn’t, you're missing out.
Monitor local partnerships: EuroPA is just the beginning. Expect more regional integrations that streamline cross-border commerce.
At payabl., we empower merchants to navigate this complexity with ease. Our payment method search engine helps businesses find, compare, and integrate the right payment solutions by country, category, or method type. Whether you're targeting Portugal, Spain, or Cyprus, or elsewhere in Southern Europe, we make it easy to meet consumers where they are—on their phones.
Ready to expand in Southern Europe?
The digital revolution is here, and Southern Europe is leading the charge in its own way—mobile, bank-integrated, and increasingly cross-border. Businesses that align with this momentum will be the ones capturing growth, boosting conversions, and future-proofing their payment strategies.
Explore local APMs, streamline your checkout, and embrace the future of payments.
Check out our interactive APM search tool or read more trends in our report: How Europe likes to pay.