Europe Mobile Wallet Market size to cross $60bn by 2026, says Graphical Research
Major mobile wallet market players in Europe region include Amazon, American Express Company, Ant Financial Services Group, Allied Wallet, Apple, AT&T, Inc, Barclays Plc, Due Inc, First Data Corp, Google, JP Morgan Chase, Mastercard, PayPal Holdings, Skrill Ltd., and Visa Inc.
Pune, India, Jan. 19, 2022 (GLOBE NEWSWIRE) —
As per a recent industry report put forward by Graphical Research, the Europe mobile wallet market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 60 billion by 2026.
With the easy availability of VoLTE, and the exponential growth of low-cost smartphones, Europe market is undergoing substantial disruption. The digital revolution which took place over the decade has enabled individuals to embrace the ease of digital payments through a few clicks on their smart devices. With the rise of the hassle-free mobile wallets, individuals are preferring these digital solutions over physical bank branches or ATMs.
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The mobile wallet transaction volume in the region is projected to reach 20 billion through 2026, with the total value of transaction going above USD 500 billion. The below mentioned 4 factors are driving market forecast through 2026:
Europe’s emerging closed mobile wallet segment
Major players in the e-commerce sector are developing their own closed wallets to increase customer satisfaction and encourage customer retention. The closed mobile wallet segment is expected to grow at 20% CAGR through 2026 in Europe. This growth can be credited to the spike in the number of acquisitions undertaken by several e-commerce companies to position their product in the market.
Rising adoption of smart devices
From 2020 to 2026, the Europe mobile wallet market share from device manufacturers segment is expected to rise at a stable pace of nearly 20% CAGR. This can be due to the region’s increasing smartphone penetration. In 2019, the combined number of mobile users in France, Germany, and Italy surpassed 150 million.
Several industry participants are engaging in partnerships and collaborations to diversify their product offerings. Quoting an instance, TransferWise has collaborated with Alipay to launch international electronic payments through mobile wallet in March 2020. TransferWise users can now make payments in Chinese yuan to Alipay users from any of the 17 currencies provided by the TransferWise mobile wallet.
NFC-enabled mobile wallets
The additional layer of protection provided by NFC-enabled mobile wallets is a prominent factor driving the industry trends. NFC employs message verification protection and creates a protected contact platform between the POS and end-user devices. The technology is enhancing customer loyalty and company earnings, encouraging industry outlook.
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Burgeoning use across the U.K.
Digital payment users in the United Kingdom have become more confident in electronic payment systems, and the use of physical cash has decreased significantly over the past years. This has prompted regional mobile wallet operators and traditional banking institutions to launch their own mobile wallets. In 2019, the United Kingdom held more than 20% of the Europe mobile wallet market share. People are becoming aware of digital-only banks and their suite of services designed to make banking simpler and more open.
With consumers increasingly transitioning to these solutions due to online activity engagement, mobile wallet market share is certain to expand. About 63 million users in Europe are expected to use mobile wallets by the end of 2023, representing a 22% increase from 2019.
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
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