According to IMARC Group latest report titled “Europe Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on Europe Mobile Payment Market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The Europe mobile payment market size reached US$ 422.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,477.7 Billion by 2028, exhibiting a growth rate (CAGR) of 22.9% during 2023-2028.

Mobile payment, or mobile money or mobile wallet, is the digital financial transaction process carried out using a mobile device. It allows customers to carry out a variety of activities from the comfort of their portable devices, including paying bills, ordering products and services, transferring money, and buying goods and services. It is heavily based on a number of technologies, including near-field communication (NFC), rapid response (QR) codes, and mobile applications, which allow safe and smooth transactions between the user's mobile device and the retailer or service provider. These transactions can be carried out using several kinds of platforms, such as SMS, specialized mobile payment applications, and mobile banking apps. Accessibility is one of the main benefits of mobile payment as it does not require actual currency or other conventional payment methods, including credit cards or cheques.

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Market Trends:

The proliferation of smartphones among the masses majorly drives the market in Europe. With the increasing affordability and accessibility of smartphones, a significant portion of the global population now possesses a capable device, enabling them to engage in mobile payment transactions, which is significantly supporting the market. Along with this, the rising growing preference for digital and cashless transactions is driving the demand for mobile payment solutions across the country. In addition, the growing popularity of mobile payment due to the simplicity of their financial interactions and the ability to make payments anytime, anywhere, with just a few taps on a smartphone screen is positively influencing the market. Apart from this, the increasing adoption of mobile payment by small and medium-sized enterprises (SMEs) to accept payments without the need for expensive point-of-sale (POS) systems or traditional merchant accounts contributes to the market. Furthermore, the advent of Near Field Communication (NFC), Quick Response (QR) codes, and biometric authentication is creating a positive market outlook.

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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 (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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