Subscriptions are shaping the payments landscape as we know it
Published 3 months ago
Nick Raper, Head of UK at Nuapay
Subscriptions are a rapidly increasing trend in today’s payments landscape, particularly since the pandemic began restricting consumers’ access to physical stores. Nuapay’s clients are testament to this, with some video streaming services using Nuapay’s payment solutions seeing a 25% jump in subscriptions in March 2020 alone.
Subscriptions provide a method of receiving services or products at a specified rate and according to personal preferences, and were already growing in popularity even before COVID-19. Over two thirds of adults internationally used at least one subscription service during 2019, and in Europe alone spent an average of €130 per month on subscriptions in the same year. This is because consumers are increasingly seeking services that are fast, convenient and accessible, and subscriptions fit this description.