Europe digital wallet market is expected to generate revenue over USD 100 billion by 2027. Mobile banking is becoming one of the most popular payment methods in Europe, allowing customers of a bank or other financial institutions to develop a wide range of financial transactions through their websites. Over time, Europeans’ have developed confidence in mobile payment system. Meanwhile, the use of physical cash is experiencing a significant reduction in some countries including Germany or Austria.
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Digital wallet Market Size is anticipated to exceed USD 700 billion by 2027 propelled by growing demand for contactless payments. The digital wallets provide customers with the ability to save & store coupons, discounts, and loyalty cards. These coupons and discounts are offered with unique barcodes or QRs that can be redeemed in-store. The digital wallet providers are offering loyalty programs that can also be utilized for various payment purposes based on point accumulation, further fostering repeated use.
The telecom companies owned digital wallet segment is expected to grow at a CAGR over 25%. The global mobile network providers are introducing multiple digital wallet initiatives to offer digital wallet services to their customers. They are forming partnerships with various card issuers, such as Visa and Mastercard, to develop digital wallets for their customers for business to business and business to customer models. For instance, Vodafone, a telecom service provider, partnered with ICICI bank to launch M-Pesa mobile money service.
Industry participants in the digital wallet market are focusing on the development of advanced digital wallet solutions to gain a competitive advantage over their competitors.
Some major findings of the digital wallet market report include:
- The growing adoption of smartphones and shifting consumer preferences toward digital payments are supporting the market growth.
- Rapidly changing customer behavior due to growing digitalization is supporting the business growth.
- Changing customer preference is driving financial & commercial establishments to adopt various mobile banking solutions.
- Introduction of flurry digital wallets by various retail players, such as Starbucks and Dunkin Donuts, to gain customer loyalty is further endorsing the use of digital wallets across consumers.
- Major players operating in the digital wallet market are Apple Inc., Google LLC, PayPal Holdings, Inc., and Mastercard Inc., among others.
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Partial Chapter of the Table of Content
Chapter 5 Digital Wallet Market, By Type
5.1 Key trends, by type
5.2 Open digital wallet
5.2.1 Market estimates and forecast, 2016 – 2027
5.3 Semi-closed digital wallet
5.3.1 Market estimates and forecast, 2016 – 2027
5.4 Closed digital wallet
5.4.1 Market estimates and forecast, 2016 – 2027
Chapter 6 Digital Wallet Market, By Ownership
6.1 Key trends, by ownership
6.2.1 Market estimates and forecast, 2016 – 2027
6.3 Telecom operators
6.3.1 Market estimates and forecast, 2016 – 2027
6.4 Device manufacturers
6.4.1 Market estimates and forecast, 2016 – 2027
6.5 Tech companies
6.5.1 Market estimates and forecast, 2016 – 2027
Chapter 7 Digital Wallet Market, By Technology
7.1 Key trends, by technology
7.2 Near Field Communication (NFC)
7.2.1 Market estimates and forecast, 2016 – 2027
7.3 Optical/QR code
7.3.1 Market estimates and forecast, 2016 – 2027
7.4 Digital only
7.4.1 Market estimates and forecast, 2016 – 2027
7.5.1 Market estimates and forecast, 2016 – 2027
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