The panel was moderated by Maja Fočić, Project Manager at Monri Payments, who led a discussion with top industry experts on key trends and the future of online shopping.
The panelists were:
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Berislav Marszalek, Founder and CEO, Entrio
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Bono van Nijanatten, Payment Strategist
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Borko Buturac, Chief Operating Officer, Aircash
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Michal Baštář, Director, Visa Direct CEE
Question: As we witness the growing adoption of digital payments, with innovations like real-time payments, digital wallets, and contactless transactions rapidly advancing, we would love to hear from Visa Direct’s perspective on how these innovations are shaping online retail globally. What are the most significant global trends in the payment space, and how are they impacting how consumers shop and pay online?
Michal Baštář (Visa): “The first key factor is customer expectations,” he said, adding several key research findings:
- About 44% of European e-commerce transactions are abandoned during the payment phase.
- One in five consumers abandons their cart if their preferred payment method isn’t available.
- Research shows that 3 out of 4 members of Gen Z prefer shopping online, while 43% won’t complete a purchase if they have to register beforehand.
- Regarding global payment trends, digital wallets accounted for 50% of total e-commerce value in 2023, and that share is expected to grow to 60% by 2027.
“It’s clear that customers today expect fast, simple, and secure online payments. To meet these needs, Visa is developing innovative solutions like Link2Pay. It’s similar to Apple Pay and Google Pay but specifically tailored for small businesses. Another key concern for customers is security. With our Quick Pay solution, card data is stored within the Visa cloud, not with merchants or e-commerce platforms. This means customers can feel confident that their data is protected.”
“One of the most important global trends is the speed of transactions. Consumers are used to instant payments, but there is a growing need for fast transactions in other areas as well, such as cross-border money transfers, which currently can take several days. Visa is developing solutions to enable faster and more secure cross-border transactions, including instant refunds within a few seconds.”
“Finally, we are seeing a significant role played by digital wallets, with 3.5 billion digital accounts worldwide. We aim to give users complete freedom in choosing how they want to pay – whether with cards, cash, or digital wallets.”
Question: Bono, considering the growing popularity of alternative payment methods such as mobile wallets, Buy Now Pay Later models, and cryptocurrencies — as well as the influence of AI — how can online merchants manage these demands?
Bono van Nijanatten (Payment Strategist): “For large online retailers like ASOS, payments must be high on the list of priorities. Even for a major player like ASOS, with over 11 billion transactions annually, effectively managing payments can have a greater impact than the core business itself. The key lies in a hybrid model between building internal solutions and partnering with payment service providers.”
“Merchants need a stable and reliable internal infrastructure to maintain control over their processes while also collaborating with external partners to quickly adapt to specific local needs. In many smaller markets, smaller payment providers dominate — ones you might not typically consider. Partnering allows flexibility and a quick response to new trends such as mobile wallets and Buy Now Pay Later models.”
“Ultimately, the goal is to create a seamless payment experience that increases customer loyalty and contributes to overall business profitability. The key to success isn’t just build or buy, but a combination of both approaches supported by strategic partnerships with the right players.”
Question: Borko, mobile wallets have accelerated transactions made them more convenient and secure, while peer-to-peer payments are transforming how people send and receive money. Aircash is actively promoting these payment methods as well. How do mobile wallets and peer-to-peer payments shape consumer behavior in your region? What unique challenges and opportunities do these payment methods bring to your market?
Borko Buturac (Aircash): “As you said — and it’s true — consumers always want something simple and fast. Especially now that mobile payments are no longer an exception but the norm, they expect to complete everything in one or two clicks, just one or two taps on their mobile wallet.
These are the trends. What I’d like to emphasize, and what I see as an opportunity for anyone in this business, is that consumer behavior is changing significantly. Instead of using multiple apps for different services, people now want one app that lets them do everything — from paying bills and parking to sending money to friends and shopping online. This trend presents a major opportunity for mobile wallets and super apps that give users access to all these services in one place. And this is a big opportunity for mobile wallets, super apps, and something we’re seeing from the Aircash perspective across all the countries we operate in.”
“While there are some differences in consumer behavior between markets — for example, in Germany, there’s still a strong preference for cash — overall, users across Europe share a common need for simple and centralized solutions. Service providers’ main challenge is changing user habits, as people need to be convinced to switch to mobile wallets. However, once they start using them, they quickly become regular users, as confirmed by the rapid growth in both users and services. Ultimately, convincing users to recognize the benefits of mobile wallets is becoming easier, which opens up new opportunities for further growth in this sector.”
Question: Berislav, Entrio operates in the regional ticketing market across Croatia and beyond. What are the main payment-related challenges you face, especially during high-demand events? How can global payment providers like Visa or Mastercard adapt their solutions to address these local challenges and offer secure and flexible options?
Berislav Marszalek (Entrio): “When we started 14 years ago, our main challenge was to digitize payments and fully speed up the ticket purchasing process. However, we were 3 or 4 years ahead of the market, which wasn’t ready for that shift. At the time, tickets were still paper-based, and we wanted to replace them with a digital solution. But we realized the market wasn’t ready yet, so our business growth stalled. We had to enable cash payments via POS networks, allowing people to pay at physical points of sale.
Today, 14 years later, things have changed significantly — over 80% of payments are now online — but there’s still demand for cash payments. I believe that demand will remain, even if it gradually decreases. I don’t think it’ll ever fall below 10%.”
“Another challenge we face is our fragmented market — Slovenia, Croatia, and Bosnia. We sell around 4 million tickets for 13,000 events annually, but the market is very fragmented, with different regulations and tax systems. Bosnia, in particular, has high payment processing fees — up to three or four times higher than in Croatia — which slows down e-commerce adoption and makes it harder for new payment systems to enter the market.”
“We’re also seeing a rise in events and high ticket demand. We’re preparing for the biggest ticket sale in Croatian history soon, and we’re working to ensure everything runs smoothly. We aim to offer as many payment options as possible — from Visa, Mastercard, Maestro, and Amex to cryptocurrencies and mobile wallets. Lately, we’ve seen a significant increase in the use of mobile wallets like Aircash and Keks, which now account for around 20% of all online payments, and the number keeps growing.”
“For us, it’s important to adapt quickly and give merchants as many options as possible. We believe using a model that integrates various payment methods is key to accelerating the adoption of e-commerce. The entry of global players will be healthy for the market by driving innovation, but consolidating the Balkan market remains difficult due to the variety of currencies, languages, and other regional challenges.”
Question: We heard what Visa is doing globally earlier, but now we’d like to focus on the Central and Eastern European region. We know digital payments are rapidly growing there, too. Can you share some statistics or insights about these markets and their specific characteristics?
Michal Baštář (Visa): “Payments are global, but each country has its own cultural and consumer needs, which makes every market unique. In some parts of Asia, for example, a large unbanked population uses mobile phones for payments, while in Europe — including Croatia — we’re advancing with contactless payments and tokenization. Various market players shape local conditions, and in certain countries, remittances are a key focus. It’s important to adapt solutions to each country’s specific needs and listen to consumers globally to develop the right solutions.”
Question: Bono, given the rapid advancement of payment technologies like Blockchain, artificial intelligence, and biometric authentication, how are these innovations changing consumer expectations in online retail? How can global retailers like Asos adapt their solutions to meet the growing demand for faster and more secure payment methods in local markets?
Bono van Nijnatten (Payments Strategist): “Blockchain is undoubtedly present, but large online retailers are usually not the first to adopt new technologies. They observe the market, wait for the technology to become secure and relevant to their customers, and only then implement it. On the other hand, artificial intelligence (AI) is already being applied in various ways. For instance, AI helps display the most relevant payment methods by eliminating unnecessary options and reducing friction during transactions.
AI is also used for personalized recommendations — for example, the AI stylist on Asos helps customers choose outfits for specific occasions. Additionally, AI enables better routing to the right payment providers, lowering costs and increasing the chances of successful payment acceptance.
From a fraud prevention perspective, AI has reduced the number of fraud prevention employees at Asos by 60%, as the fraud team now works only during business hours rather than around the clock. Although this may not be a popular opinion, AI significantly benefits business operations. Still, global retailers like Asos typically wait until technology becomes fully secure before adopting it.”
Question: With the rise of cross-border shopping, payment preferences are becoming increasingly diverse. This creates both challenges and opportunities for regional players who want to deliver seamless experiences to global consumers. How do regional payment providers, such as Aircash, collaborate with global merchants to ensure that consumers can use their preferred payment methods when shopping internationally? Also, what are some best practices for providing a seamless cross-border payment experience?
Borko Buturac (Aircash): “As cross-border shopping grows, payment preferences are becoming more varied, which poses both challenges and opportunities for regional providers looking to deliver a seamless experience to global consumers. When we talk about collaboration between mobile wallets or super-apps like Aircash and global online merchants, we see a significant increase in the number of webshops. Every merchant wants to be online, and when you’re buying a bicycle or a pair of shoes, it’s likely that you’ll land on a webshop you’ve never heard of before. If consumers don’t feel safe, they start wondering: ‘Is this secure? Will I actually receive the product?’
However, when they see trusted brands like Aircash or PayPal on the checkout page, they feel more confident — these brands build trust and boost the webshop’s credibility.
For global merchants, partnering with mobile wallets and platforms like Aircash creates a win-win-win situation for everyone involved. For instance, for merchants entering markets with a smaller consumer base, Aircash gives them access to over a million users who can now discover their brand and make purchases.”
Closing Question: Payment methods, cryptocurrencies, biometric authentication, and AI are highly present globally, including in Europe. What about the Central and Eastern European regions? How can blockchain, AI, and biometric payments reshape the current payment systems to improve the user experience?
Berislav Marszalek (Entrio): “Regarding blockchain, it’s still not a widely adopted option for online payments. It’s definitely present, and I expect it to continue growing, but currently, people still don’t perceive it as a mainstream payment method in this region.”
