Report : Europe and South America Mobile Wallet and Payment Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Proximity and Remote), Technology (NFC, QR-Based, Text-Based, Digital-Only), End User (Personal and Business), and Geography (Europe and South America)
According to our latest study on "Europe and South America Mobile Wallet and Payment Market –Regional Share, Trend, and Growth Opportunity Analysis – by Type, Technology, End User, and Geography," the Europe and South America Mobile Wallet and Payment market size was valued at US$ 3.1 billion in 2023 and is expected to reach US$ 21.1 billion by 2031. The Europe and South America Mobile Wallet and Payment market is estimated to record a CAGR of 27.1% from 2023 to 2031.
Rise of E-commerce to Provide Lucrative Opportunities for Europe and South America Mobile Wallet and Payment Market Growth During Forecast Period
The rise of e-commerce in Europe is closely connected with digital transformation. Presently, European consumers benefit from a wide range of payment options, encompassing digital wallets, payment cards, mobile wallets, and Buy Now, Pay Later (BNPL) solutions. Such a diverse and evolving landscape of payment methods reflects the growing adaptability and convenience in the European market. According to a 2021 survey by Payvision, 44% of European consumers prefer digital wallets, which are among the most favored online payment methods. This method of payment is closely followed by card payments, with a share of 42%. The stats underscore the growing traction toward mobile wallet payments in European countries.
In December 2023, Visa conducted a study across 9 European countries to explore the changing landscape of mobile payments along with the associated opportunities. The study revealed that shifts in consumer behaviors, advancements in technologies, the proliferation of wallet providers, and an increase in merchant acceptance contribute significantly to the evolution of mobile wallets. Several studies and surveys support the high penetration of mobile wallets in Europe, with varying usage patterns across specific countries. Moreover, a substantial majority of Europeans (72%) actively utilize mobile wallets, with the Nordic markets (Norway, Sweden, Denmark, and Finland) and Switzerland emerging as leaders in adoption, exhibiting usage rates 10–15% higher than the European average. Additionally, the study indicated that a significant portion of Europeans, i.e., 32%, intend to rely exclusively on mobile wallets by 2023, signaling a potential for a huge inclination toward wallet-based payment methods by ruling out traditional payment methods.
Key Findings of Europe and South America Mobile Wallet and Payment Market Study:
The Europe and South America mobile wallet and payment market is segmented based on type, technology, end user, and geography. Based on type, the market is categorized into remote and proximity. On the basis of technology, the market is divided into near field communication, QR code, text-based, and others. Based on end user, the Europe and South America mobile wallet and payment market is segmented into personal and business. In terms of geography, the market is primarily categorized into Europe and South America. Based on type, the market is categorized into remote and proximity. The remote segment held the significant share in the Europe and South America mobile wallet and payment market in 2023. Remote wallet s and payments are also known as mobile wallets, digital wallets, cloud wallets, or e-wallets. Remote payments are executed via a fixed or mobile internet, regardless of the customer's location. Consumers can use remote wallets to make payments to merchants who do not have a physical point-of-sale (such as street vendors) and online sellers who do not have a physical presence or sell digital products and services. Remote payments are made when the persons and entities engaged in the authorization and transaction process (such as mobile wallets, payers, and payees) are not physically close to each other. As a result, the transaction process involves remote permissions among the concerned parties. Remote mobile wallets and payments have conceptually and historically been a part of electronic payments (e-payments).
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