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Europe Digital Payment Market Research Report Information by Offering (Solutions and Services), By Payment Mode (Cards, ACH Transfer, Digital Wallet, and Others), By End User (BFSI, Retail & E-commerce, IT & Telecom, Healthcare, Travel & Hospitality, Transportation & Logistics, Media & Entertainment and Others) –and Europe Market Forecast Till 2032

ID: MRFR/ICT/20014-HCR | 128 Pages | Author: Aarti Dhapte| July 2024

Europe Digital Payment Market Overview

Europe's Digital Payment Market Size was valued at USD 91.2 Billion in 2022. The Digital Payments market industry is foreseen to rise from USD 107.7 Billion in 2023 to USD 410.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.20% during the forecast period (2024 - 2032). The growth and expansion of e-commerce are major market drivers driving the digital payment market in Europe. Digital financial services related to consumers and small businesses boost the growth of the digital payment market.

Figure 1: Europe's Digital Payment Market Size, 2024-2032 (USD Billion)

Europe Digital Payment Market Overview2

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Digital Payment Market Trends

  • Growing demand for digital payment in the BFSI sector is driving the market growth

The Europe Digital Payment market CAGR is expanding due to the surging demand for digital payment in the BFSI sector. As consumer preferences shift towards convenient, secure, and efficient payment methods, financial institutions across Europe are prioritizing digital transformation initiatives to meet evolving customer expectations and remain competitive in the digital age. One of the primary factors fueling this demand is the rise of online banking and mobile banking services, which allow customers to access their accounts, manage transactions, and make payments conveniently from their smartphones or computers. The convenience and accessibility provided by digital banking platforms have led to a surge in digital payment transactions, ranging from online purchases and bill payments to peer-to-peer transfers and mobile wallet transactions. Moreover, the COVID-19 pandemic has accelerated the adoption of digital payments in Europe, as social distancing measures and lockdown restrictions prompted consumers to embrace contactless and remote payment methods to minimize physical interactions and minimize the risk of virus transmission. This shift towards contactless payments, online shopping, and digital banking services has become a defining trend in the BFSI sector, driving increased investment in digital payment infrastructure, cybersecurity, and fraud prevention measures to ensure seamless and secure payment experiences for customers.

Furthermore, regulatory initiatives such as the Revised Payment Services Directive (PSD2) and the European Union's Digital Finance Strategy have played a pivotal role in shaping the digital payment landscape in Europe, fostering innovation, competition, and interoperability among payment service providers. PSD2, in particular, has facilitated the emergence of open banking ecosystems, enabling third-party providers to access bank account data and initiate payments on behalf of consumers. This has led to the proliferation of innovative payment solutions and fintech startups. Additionally, the growing adoption of digital payment technologies such as mobile wallets, contactless cards, and instant payment systems has unlocked new opportunities for collaboration and partnerships within the BFSI sector. Banks, payment processors, fintech companies, and technology providers are increasingly forming strategic alliances to offer integrated payment solutions, expand market reach, and deliver value-added services to customers. Moreover, the convergence of digital payments with emerging technologies such as blockchain, AI, and IoT (Internet of Things) is driving further innovation in the European digital payment market, paving the way for enhanced security, transparency, and efficiency in financial transactions. Thus, driving the Digital Payment market revenue.

Digital Payment Market Segment Insights

  • Digital Payment Offering Insights

The Europe Digital Payment market segmentation, based on offering, includes Solutions and Services. The solutions segment dominated the market due to the increasing demand for secure, convenient, and seamless payment experiences across various industries. As consumers and businesses embrace digital payments for their transactions, solution providers play a crucial role in offering a wide range of payment processing, authentication, and fraud prevention solutions tailored to the needs of the European market. With the emergence of innovative technologies like mobile wallets, contactless payments, and real-time payment systems, solution providers are continuously innovating to stay ahead in this rapidly evolving landscape and capture a significant share of the European digital payment market.

Figure 1: Europe Digital Payment Market, by Offering, 2023 & 2032 (USD Billion)

Europe Digital Payment Market, by Offering, 2023 & 2032

Source: The Primary Research, Secondary Research, MRFR Database and Analyst Review

Digital Payment Mode Insights

The Europe digital payment market segmentation, based on payment mode, includes cards, ACH transfers, digital wallets, and others. The cards segment dominated the market due to its widespread acceptance, convenience, and established infrastructure. With the prevalence of debit and credit cards issued by various financial institutions, consumers across Europe have readily adopted card payments for online and offline transactions. Moreover, the introduction of contactless payment technology has accelerated the dominance of card payments, offering a fast and secure way to complete transactions, thereby solidifying its position as the primary digital payment method in the region. Further, the digital wallet is the fastest-growing payment mode in this category.

Digital Payment End User Insights

The Europe Digital Payment market segmentation, based on end user, includes BFSI, Retail & E-commerce, IT & Telecom, Healthcare, Travel & Hospitality, Transportation & Logistics, Media & Entertainment, and Others. The BFSI segment dominates the market due to its pivotal role in facilitating financial transactions and managing monetary assets. These institutions drive the adoption of digital payment solutions among businesses and consumers, leveraging their established networks, infrastructure, and trust to promote the transition from traditional payment methods to digital alternatives. Their influence spans various digital payment channels, including mobile payments, online banking, contactless payments, and peer-to-peer transfers, shaping the landscape of Europe's rapidly evolving payments ecosystem.

Digital Payment Country Insights

In Europe, the digital payment market exhibits varying trends and dynamics across different countries. For instance, countries like Sweden and the Netherlands are at the forefront of digital payment adoption, with a significant portion of transactions being conducted electronically, driven by factors such as advanced banking infrastructure, high internet penetration, and a strong culture of innovation. Conversely, in countries like Germany and Italy, cash remains prevalent, although digital payment adoption is steadily increasing, propelled by regulatory initiatives and the growing popularity of mobile payment solutions. Overall, Europe's digital payment market showcases a diverse landscape shaped by factors including technological readiness, consumer behavior, regulatory frameworks, and the competitive landscape of financial services providers.



Source: The Primary Research, Secondary Research, MRFR Database and Analyst Review

Digital Payment Key Market Players & Competitive Insights

Leading market players are investing largely in research and development in order to expand their product lines, which will help the Digital Payment market grow even more. Market players are also undertaking different strategic activities to extend their footprint, with important market developments including mergers and acquisitions, new product launches, contractual agreements, higher investments, and collaboration with other organizations. To extend and survive in a more competitive and rising market climate, Digital Payment industry must offer cost-effective items.

Major players in the Digital Payment market are trying to raise market demand by investing in research and development operations, including ACI Worldwide (US), PayPal, Inc. (US), Novatti Group Limited (Australia), Global Payments Inc. (US), Visa (US), Stripe, Inc. (Ireland), Google, LLC (US), Finastra. (UK), SAMSUNG (South Korea) and Amazon Web Services, Inc. (US).

Key Companies in the Digital Payment market include

  •  ACI Worldwide (US)

  •  PayPal, Inc. (US)

  • Novatti Group Limited (Australia)

  •  Global Payments Inc. (US)

  • Visa (US)

  • Stripe, Inc. (Ireland)

  •  Google, LLC (US)

  •  Finastra. (UK)

  • SAMSUNG (South Korea)

  •  Amazon Web Services, Inc. (US)

Digital Payment Industry Developments

April 2023: Tap to Pay on Android was launched by Square for sellers in the UK. The new technology helps sellers to securely accept contactless payments with a compatible Android device at no additional cost and without any requirement for additional hardware.

February 2022: Payrix was acquired by FIS, positioning FIS to strengthen embedded payments and finance experiences specifically fabricated for SME businesses across diverse industries.

Digital Payment Market Segmentation

Digital Payment Offering Outlook

  •  Solutions

  • Services

Digital Payment Payment Mode Outlook

  • Cards

  •  ACH Transfer

  • Digital Wallet

  • Others

Digital Payment End User Outlook

  •  BFSI

  • Retail & E-commerce

  • IT & Telecom

  • Healthcare

  • Travel & Hospitality

  •  Transportation & Logistics

  •  Media & Entertainment

  • Others

Digital Payment Regional Outlook

  •  Germany

  •  France

  •   UK

  •  Italy

  • Spain

  • Sweden

  •  Denmark

  • Luxembourg

  • Norway

  •  Austria

  • Rest of Europe

Report Attribute/Metric Details
Market Size 2022 USD 91.2 Billion
Market Size 2023 USD 107.7 Billion
Market Size 2032 USD 410.7 Billion
Compound Annual Growth Rate (CAGR) 18.20% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Deployment Mode, Offering and Region
Region Covered Asia Pacific
Countries Covered China, Japan, India, Australia, South Korea, Indonesia, Thailand, Vietnam, Malaysia, Singapore, and the Rest of Asia-Pacific
Key Companies Profiled Alibaba Group (China), Trend Micro Incorporated (Japan), NEC Corporation (Japan), Baidu, Inc. (China), Fujitsu Limited (Japan), Dell EMC (US), HP, Inc. (US), Google LLC (US), Intel Corporation (US) and Cisco Systems, Inc. (US)
Key Market Opportunities ·         Growing consumer desire for lightweight, compact electrical gadgets
Key Market Dynamics ·         Growing adoption of emerging technologies like cloud computing, AI, IoT, and blockchain. ·         Increasing promotion of digital transformation by government via several incentives and supportive policies.

Frequently Asked Questions (FAQ) :

The Europe Digital Payment market size was valued at USD 107.7 Billion in 2023.

The market is foreseen to grow at a CAGR of 18.20% during the forecast period, 2024-2032.

The key participants in the market are ACI Worldwide (US), PayPal, Inc. (US), Novatti Group Limited (Australia), Global Payments Inc. (US), Visa (US), Stripe, Inc. (Ireland), Google, LLC (US), Finastra. (UK), SAMSUNG (South Korea) and Amazon Web Services, Inc. (US).

The solutions category dominated the market in 2023.

The BFSI category had the largest share in the market.

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