The latest report by IMARC Group, titled “Europe Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the Europe mobile payment market size reached US$ 337 Billion in 2021. Mobile payments, also known as e-payment, are conducted using an internet facility, smartphone, and payment instruments, such as a bank account, gift card, credit or debit card, and mobile wallet. They facilitate instant money transfers and a secured substitute for cash-based transactions to customers for a product or service through portable electronic devices. The payment can be made in real-time or remotely through the cloud setup. It is promoted by the availability of point-of-sale (POS) terminals that function transactions using near-field communications, which is secure, convenient, and easy to use as compared to its traditional counterparts. Nowadays, significant utilization of the internet and the widespread adoption of mobile payment applications, such as Paypal, Samsung pay, Apple pay, and Google pay to accept and transfer payments are accelerating the product adoption rate across Europe.
Europe Mobile Payment Market Trends:
The market is driven by rising internet penetration and growing digitization across Europe. In addition, the rising utilization of smartphones enabled individuals to connect to the internet and use mobile payments as an alternative to card and cash payments, which is contributing to market growth. Moreover, small and medium-sized enterprises (SMEs) are increasingly providing mobile payment solutions to track consumer buying behavior, which is escalating the demand for mobile payment services in Europe. Besides this, the growing utilization of mobile wallets by consumers for making payments at banks, hospitals, restaurants, and retail stores, is propelling the market growth. Additionally, with the sudden outbreak of coronavirus disease (COVID-19), the utilization of mobile payment applications is increasing due to the popularity of the e-commerce sector, which is augmenting the demand for contactless payment methods. Furthermore, key market players are using tokenization with biometric identification to provide a more secure experience, which is creating a positive market outlook across Europe. Looking forward, IMARC Group expects the market value to reach US$ 1,317 Billion by 2027, exhibiting a CAGR of 25.37% during the forecast period (2022-2027).
- Based on the mode of transaction, the market has been segmented into WAP, NFC, SMS, USSD, and others.
- On the basis of the application, the market has been classified into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others.
- Region-wise, the market has been divided into Germany, France, the United Kingdom, Italy, Spain, and others.
- The competitive landscape of the industry has also been examined, along with detailed profiles of the key players operating in the industry.
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