Austria
Austria is a developed country located in Central Europe, with a highly developed and modern payment infrastructure. Despite this, payment habits in Austria still reflect a preference for traditional methods, such as cash, while also showing a growing acceptance of digital payments. In Austria, cash remains the most popular form of payment. In 2019, 82% of all transactions and 65% of the total transaction value were made in cash. Debit cards are primarily used for payments starting at EUR 20 and gain substantial ground for payments ranging from EUR 50 to EUR 100. Credit cards are only used for about 5% of all payment means and mostly for amounts over EUR 50. Overall, cash payments are being replaced by debit card payments, but cash is still widely used for all types of payments, including higher-value transactions. However, the growth of e-commerce has led to a shift in payment habits in Austria. Online trade has been steadily growing over the past years, and this trend has gained further momentum as traditional shopping options were restricted during COVID-19 lockdowns. According to the Austrian Retail Association, the money spent in Austria for online purchases reached EUR 10.4 billion in 2020 – a new record high that represents a 20% increase compared to the previous year.
Top banks
Erste Group Bank AG
Erste Group Bank AG - Total assets: EUR 284.3 billion: Erste Group Bank AG is a prominent financial institution with total assets amounting to EUR 284.3 billion. It operates as a multinational banking group, primarily serving customers in Central and Eastern Europe. The bank offers a wide range of financial services, including retail and corporate banking, asset management, investment banking, and insurance products.
Raiffeisen Bank International AG
Raiffeisen Bank International AG - Total assets: EUR 151.3 billion: Raiffeisen Bank International AG is a significant banking entity with total assets valued at EUR 151.3 billion. It is a leading bank in Austria and operates across Central and Eastern Europe. The bank provides comprehensive banking services to retail, corporate, and institutional customers, including loans, deposits, investment products, and payment services.
UniCredit Bank Austria AG
UniCredit Bank Austria AG - Total assets: EUR 78.6 billion: UniCredit Bank Austria AG is a prominent banking institution with total assets of EUR 78.6 billion. It is a subsidiary of UniCredit Group, one of Europe's largest banking groups. UniCredit Bank Austria offers a wide range of banking services, including retail and commercial banking, asset management, and investment banking.
BAWAG Group AG
BAWAG Group AG - Total assets: EUR 51.8 billion: BAWAG Group AG is a notable financial institution with total assets worth EUR 51.8 billion. It is a leading bank in Austria, specializing in retail and commercial banking services. BAWAG Group provides a broad range of banking products, including loans, mortgages, savings accounts, and investment solutions.
Oberbank AG
Oberbank AG - Total assets: EUR 25.8 billion: Oberbank AG is a well-established bank with total assets amounting to EUR 25.8 billion. It operates primarily in Austria and neighboring countries, offering a comprehensive range of banking services. The bank caters to retail, corporate, and private banking clients, providing lending, deposits, investment products, and financial advisory services.
Bank für Tirol und Vorarlberg AG
Bank für Tirol und Vorarlberg AG - Total assets: EUR 9.9 billion:Bank für Tirol und Vorarlberg AG is a regional bank with total assets valued at EUR 9.9 billion. It operates primarily in the Austrian regions of Tyrol and Vorarlberg, serving individuals, businesses, and institutions with various banking services, including loans, deposits, and wealth management.
Hypo Vorarlberg Bank AG
Hypo Vorarlberg Bank AG - Total assets: EUR 5.3 billion: Hypo Vorarlberg Bank AG is a regional bank with total assets worth EUR 5.3 billion. It is based in the Austrian region of Vorarlberg and focuses on providing banking services to local individuals, businesses, and institutional clients. The bank offers a range of financial products, including loans, savings accounts, and investment solutions.
Volksbank Wien AG
Volksbank Wien AG - Total assets: EUR 4.5 billion: Volksbank Wien AG is a local bank with total assets amounting to EUR 4.5 billion. It primarily operates in the Vienna region of Austria, serving retail and commercial customers. The bank provides various banking services, such as deposits, loans, payment services, and investment options.
Bankhaus Schelhammer & Schattera AG
Bankhaus Schelhammer & Schattera AG - Total assets: EUR 1.1 billion: Bankhaus Schelhammer & Schattera AG is a boutique bank with total assets worth EUR 1.1 billion. It focuses on private banking and investment services, catering to affluent individuals and families. The bank offers personalized financial solutions, investment advice, and portfolio management services.
N26
N26 is a leading German digital bank offering fully online banking services across Europe and the US. Known for its mobile-first approach, N26 provides checking accounts, savings tools, personal loans, and insurance with low fees, real-time notifications, and international money transfers. It supports cashless payments, fintech integration, and seamless digital banking, making it a top choice for tech-savvy customers seeking convenient, transparent, and innovative banking solutions. Regulated in multiple regions, N26 ensures secure mobile banking, efficient financial management, and enhanced user experience for personal and business clients.
Top payment methods
EPS
EPS is an Austria-based payment method that allows customers to complete transactions online using their bank credentials. EPS is supported by all Austrian banks and is accepted by over 80% of Austrian online retailers. EPS redirects customers to their bank’s website to authenticate a payment, and there is immediate notification about the success or failure of a payment.
Klarna
Klarna is a popular Buy Now Pay Later (BNPL) payment solution available in 19 countries, widely used by online stores, retailers, and global merchants. Shoppers can choose to:
Klarna performs risk checks before approving payments, assumes the full fraud risk, and pays merchants up front, making it a secure and reliable e-commerce payment method.
SOFORT
Online bank transfers are one of the most popular payment methods in Belgium, accounting for approximately 19% of e-commerce transactions. The most widely used bank transfer service among Belgian consumers is SOFORT, making it a preferred choice for secure online payments, e-commerce checkout, and digital banking transactions.
Paybybank
At checkout, when you select Pay by Bank as your online payment method, you can securely pay directly from your bank account. Simply choose your bank, which generates a secure payment link to authorize the transaction. Once authorized, you are redirected back to the checkout page. No card details, no account creation, and no personal financial information are shared, making Pay by Bank a safe, fast, and convenient online payment solution.
This digital banking payment solution is offered by PayOp, covering almost all of Europe and competing with top online payment providers in the e-commerce and fintech market.
ApplePay
Concluding remarks
Austria is a developed country in Central Europe with a highly developed and modern payment infrastructure. Here are some key points about payment habits in Austria:
Cash
While the use of cash has been declining in Sweden, it is still accepted in many places,especially for small transactions. However, it's worth noting that some businesses, particularly inlarger cities, have transitioned to cashless operations.
Card Payments
Card payments are widely accepted: Card payments, such as Visa, Mastercard, and American Express, are widely accepted in Austria, including in small businesses and rural areas. Many people prefer to pay with cards due to their convenience and security.
Direct Debits
Direct debits are popular: Direct debits, which allow businesses to automatically withdraw payments from customers' bank accounts, are widely used in Austria. This is particularly common for recurring payments, such as rent and utility bills.
Mobile Payments
Mobile payments are gaining popularity in Belgium, with apps like Payconiq, Bancontact, and ApplePay becoming more widely used. These apps allow users to pay for purchases using their smartphone.
Online payments
Online payments are common: Online payments, including credit card and bank transfers, are becoming increasingly popular in Austria. Many businesses offer online payment options, and many individuals use online banking to manage their finances.
Contactless Payments
Contactless payments are also becoming more common in Belgium, with many retailers acceptingpayment by tapping a debit or credit card on a payment terminal. Overall, payment habits in Belgium are quite diverse and convenient, with a variety of paymentoptions available to consumers.
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