Europe Mobile Payment Market Trends, Drivers, Challenges and Growth Opportunities 2022-2027

According to IMARC Group latest report titled “Europe Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on Europe Mobile Payment Market Report. The report also includes competitor and regional analysis, and contemporary advancements in the market. The Europe mobile payment market size reached US$ 337 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,317 Billion by 2027, exhibiting a CAGR of 25.37% during 2022-2027.

Also referred to as e-payment, mobile payment is performed using a smartphone, internet facility, and payment instruments, such as debit or credit cards, gift cards, a bank account, and a mobile wallet. It is facilitated by the availability of point-of-sale (POS) terminals that operate transactions using nearfield communications. Mobile payment is secure, convenient, and easy to use as compared to its traditional counterparts. As a result, this system finds widespread applications across various sectors, such as entertainment, energy and utilities, healthcare, retail, hospitality, transportation, etc. 

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Market Trends:

The escalating penetration of the internet and the increasing number of tech-savvy consumers are among the primary factors driving the Europe mobile payment market. Besides this, the expanding e-commerce sector across the region is further augmenting the market growth. Moreover, the growing popularity of mobile payment solutions in small and medium-sized enterprises (SMEs) to track consumer buying behavior is also catalyzing the market across Europe. Apart from this, the utilization of tokenization in combination with biometric identification features by the leading players to provide a more secure experience and the rising awareness among the masses toward the enhanced safety associated with the use of these transactions are acting as significant growth-inducing factors. In addition, the integration of these applications with passcodes and/or authentication methods secures the pay gateway and personal details in an efficient manner that minimizes the chances of security theft or fraud, which is also stimulating the market growth. Furthermore, the elevating requirement for this solution and contactless methods, owing to the sudden outbreak of the COVID-19 pandemic, is anticipated to propel the Europe mobile payment market over the forecasted period. 

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Europe Mobile Payment Market Segmentation:

Our report has categorized the market based on region, mode of transaction and application.

Breakup by Mode of Transaction:

• WAP
• NFC
• SMS
• USSD
• Others

Breakup by Application:

• Entertainment
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others

Breakup by Country:

• Germany
• France
• United Kingdom
• Italy
• Spain
• Others

Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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