A new report investigating how mobile wallets like Apple Pay, Android Pay, Samsung Pay and others which were developed in other world regions can be adapted to fit the European payment market specificities.
This newly published research analyzes in detail the evolution of mobile payments market in Europe as well as
Mobile wallets in Europe will generate €1 billion revenue
the hurdles of mobile wallets rollouts in other markets. Mobile Wallet providers have already taken measures to adapt their offer to the technical and business specificities of the European markets.
Major findings from the report include:
- In the US and in South Korea, the mobile wallets have experienced some hiccups during their introduction phase but are now meeting a growing adoption,
- So far, in Europe, both financial institutions and mobile network operators have attempted to introduce mobile payment solutions but have failed to reach mass markets so far,
- The card and payment industry is on a trend towards a lower revenue operation due to the recently introduced interchange cap regulation in the region,
- Mobile wallet transactions number in the European Union will grow at a CAGR of 61.8% over 2016-2021,
- The total mobile wallet revenue for the payments industry is forecasted to experience a CAGR of 50% over the 2016-2021 period, surpassing the €1 billion bar by 2021.
Thierry Spanjaard, CEO of Smart Insights explains: “The European payment market is characterized by efficiency, fragmentation and lower operating revenue. Attracted by the European market size and dynamism, the Pay Wallet vendors are taking these constraints into account on their path to European market conquest.”
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