According to STICPAY, a renowned digital payment service, technological improvements and security, along with the COVID-triggered drop in cash payments have resulted in a sharp increase in e-wallets adoption throughout Europe.
Mobile payment wallets may be used for two sorts of transactions: e-commerce and point-of-sale (POS) transactions. Between 2016 and 2020, e-commerce payments in Europe increased by 14% annually, with a 10.1 percent growth rate predicted to persist until 2024. As a result, mobile payment wallets are on the increase.
But Europe is a highly complex and fragmented market. The continent can be categorized into nations with:
- Many internet users and fast e-commerce growth, such as Spain and Sweden.
- High internet adoption and medium e-commerce growth, such as the United Kingdom and other Northern European countries.
- Low internet usage but fast growth, such as Russia and Turkey.
- Low internet adoption and slow growth, such as in Belgium, Poland, and Ireland.