According to The Insight Partners' research, the Europe Mobile Wallet and Payment Market was valued at US$ 2,656.3 Million in 2023 and is expected to reach US$ 19,048.7 Million by 2031, registering a CAGR of 27.9% from 2023 to 2031.
Emergence of real-time payments in developing nations and demand for multi-currency mobile wallets are among the critical factors attributed to driving the Europe mobile wallet and payment market growth.
Remitting money from one home country to another can be a time-consuming operation owing to the varied conversion rates, high remittance fees, and related taxes. A multi-currency wallet allows businesses to pay, receive, and save various currencies in a single digital wallet rather than maintaining separate accounts for each international currency. The multi-currency digital wallet eases the overseas payments and currency conversions. Moreover, the multi-currency wallet provides various guaranteed benefits for cross-border payments. These benefits include Secured Payments - Multi-currency wallets provide enhanced security features and multiple authentication methods to protect account information and funds. It helps make secured overseas transfers and currency exchange. Convenience and Flexibility - Consumers can switch currencies, pay bills, and create transactions in multiple currencies without managing multiple accounts. Multi-currency wallet allows consumers to make smooth cross-border payments with one tap. No Foreign Exchange Hassles - Multi-currency wallet allows consumers to swap currencies without the stress of foreign exchange. This enables consumers to carry any currency for all their foreign transactions without difficulties. Reduced transaction costs - multi-currency wallets help in reducing international transaction expenses by eliminating currency translation fees. Furthermore, foreign transfers with banks incur additional prices and hidden fees; however, with a multi-currency wallet, consumers no longer have to bother with these unneeded costs. Therefore, multi-currency mobile wallets allow businesses to ensure that there are no issues with promoting and distributing products and services worldwide. They also support businesses in enhancing customer experiences.
On the contrary, increasing number of phishing attacks hamper the growth of Europe mobile wallet and payment market.
Europe Mobile Wallet and Payment Market Segmentation Analysis:
- By Type, the Europe Mobile Wallet and Payment Market is segmented into Proximity and Remote. The Proximity segment is projected to expand at 28.4% CAGR during 2023 - 2031.
- By Technology, the Europe Mobile Wallet and Payment Market is segmented into NFC, QR-based, Text-based, and Digital-only. The QR-based segment is projected to expand at 28.2% CAGR during 2023 - 2031.
- By End User, the Europe Mobile Wallet and Payment Market is segmented into Personal and Business. The Personal segment is projected to expand at 28.4% CAGR during 2023 - 2031.
By country, the Europe Mobile Wallet and Payment Market is categorized into the United Kingdom, Germany, France, Italy, Russia, and the Rest of Europe. The United Kingdom is projected to expand at 29.5% CAGR during 2023 - 2031.
Key players operating in the Mobile Wallet and Payment Market are Alphabet Inc, Telefonaktiebolaget LM Ericsson, Thales SA, Apple Inc, Visa Inc, ACI Worldwide Inc, AT&T Inc., Mastercard Inc, Samsung Electronics Co Ltd, FIS Global, PayPal Holdings Inc, PayU, American Express Co, Bharti Airtel Ltd, PhonePe Pvt Ltd, Paytm E-Commerce Pvt Ltd, Early Warning Services, LLC, Alipay, One MobiKwik Systems Limited, and Software Group, among others.
- In 2023, ACI Worldwide Inc launched ACI Instant Pay, a real-time payment solution that enables merchants to accept instant online, mobile and in-store payments via a simple API integration with the ACI Payments Orchestration Platform - in Europe and the U.K.
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