Europe Mobile Wallet Market Size, Share & Industry Trends Analysis Report By Technology (Proximity and Remote), By Application (Retail & E-commerce, Hospitality & Transportation, Banking, Vending Machine), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Europe Mobile Wallet Market would witness market growth of 26.2% CAGR during the forecast period (2022-2028).
Smartphones could either be equipped with a built-in function for the mobile wallet or download an app for it. A mobile wallet links to bank accounts and holds data for credit card, coupon, debit card, or reward cards. A personal identification format, like a number, QR code, key, fingerprint, or face recognition, is linked to every stored card whenever the app is downloaded and the user submits their payment details.
The mobile app employs near-field communication (NFC), a technique that utilizes radio frequencies to connect devices, when a consumer pays a merchant. NFC transmits payment details to the point-of-service (POS) terminal of the business using the personal identity format designed for the customer. The user typically initiates the information transmission by holding or waving an NFC-enabled mobile phone over the merchant's NFC reader.
Despite the pandemic, European e-commerce grew as customers tried to fill the voids left by the suspension of in-person trade. Even while the digital divide is quickly shrinking, the economies of Europe are very diverse. There are e-commerce markets with high levels of internet penetration and rapid growth (Spain and Sweden), high levels of internet penetration and slower growth (the United Kingdom and Scandinavian nations), low levels of internet penetration but rapid growth (Russia and Turkey), and low levels of internet penetration in slower-growing nations (Poland, Belgium and Ireland). The growing demand for numerous digital payment forms and the increasing acceptance of mobile wallet are among the key factors bolstering the growth of the regional market over the forecast period.
The Germany market dominated the Europe Mobile Wallet Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,933 million by 2028. The UK market is poised to grow at a CAGR of 25.2% during (2022 - 2028). Additionally, The France market would showcase a CAGR of 27.2% during (2022 - 2028).
Based on Technology, the market is segmented into Proximity and Remote. Based on Application, the market is segmented into Retail & E-commerce, Hospitality & Transportation, Banking, Vending Machine, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Mobile Wallet Market will Hit $30.2 Billion by 2028, at a CAGR of 27%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), PayPal Holdings, Inc., Ant Group (Alipay) (Alibaba Holding), AT&T, Inc. (AT&T Intellectual Property), Mastercard, Inc., Visa, Inc., and American Express Company.
Scope of the Study
Market Segments Covered in the Report:
- Retail & E-commerce
- Hospitality & Transportation
- Vending Machine
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- Apple, Inc.
- Samsung Electronics Co., Ltd. (Samsung Group)
- Google LLC
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- PayPal Holdings, Inc.
- Ant Group (Alipay) (Alibaba Holding)
- AT&T, Inc. (AT&T Intellectual Property)
- Mastercard, Inc.
- Visa, Inc.
- American Express Company
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