Mobile wallet transactions number in the European Union will experience a CAGR of 61.8% over 2016-2021, ensuring the revenue for the payments industry will pass the EUR 1 billion bar by 2021, according to a newly published market research by Intelling.
MARSEILLE, FRANCE, February 15, 2016 – Intelling is publishing a new Smart Insights Report “mWallets to meet European adoption” provising a thorough analysis of mobile payments and mobile wallet ecosystem in the EU.
Focusing on the ‘Pay’ mobile wallets, Apple Pay, Samsung Pay, Android Pay, Google Wallet, …, Smart Insights analyzes the evolution of the contactless cards and mobile payments market in the region. The report finds that, so far, financial institutions and mobile network operators have all plunged into mobile payments by introducing mobile wallets as a payment tool. However, none of them has actually met a wide consumer adoption.
According to key findings in the report, following years of largely unsuccessful pilots and commercial launches in Europe, tech giants have come with their own strategy and vision of how mobile payments should be organized. The ‘Pay’ companies have moved further, skimming the cream from already mostly implemented and ready contactless payments infrastructure. As they are steadily following their mWallet market vision and implementing their mPayments strategy in the US, tech giants’ mWallets will likely be effective in Europe as well.
The report finds that even if the card and mobile payments industry is set to see lower revenues with introduced interchange cap regulation in the region, the total mWallet revenue for the payments industry is forecasted to demonstrate a CAGR of 50% over the 2016-2021 period, surpassing the EUR 1 billion bar by 2021.
Thierry Spanjaard, CEO of Smart Insights explains: “Even in a time of increased competition and more challenging markets, the entrance of the electronics giants Apple Samsung and Google on the European market is bound to demonstrate its efficiency and profitability.”
Artur Khakimov, industry analyst for Smart Insights and author of the report adds: “Although we see a growing adoption of tech giants’ mWallet initiatives in their home markets, companies like Apple, Google and Samsung have to adapt their mWallet business models to the specifics of the European market. Indeed, the report shows these tech companies have already set up necessary modifications ahead of the European launch”.
This Smart Insights Report, titled “mWallets to meet European adoption,” has been produced combining Smart Insights long-standing experience and unique positioning in the secure transactions industry with interviews with key players in the mobile payments industry. It is an essential tool to all stakeholders in secure transactions and payments industry.
The Smart Insights Report “mWallets to meet European adoption” is available at http://www.smartinsights.net/Smart-Insights-Reports
In related news, Smart Insights will be present at the Mobile World Congress, Barcelona, Spain, February 22-25, 2016. Feel free to give us a call to arrange a meeting.
Smart Insights Reports, along with Smart Insights Weekly and Smart Insights Market Trends, are published by Intelling, a consultancy headquartered in Marseille, France. Intelling is a consultancy with two expertise majors: marketing and strategy for secure transactions, smart cards, telecoms, payment, and convergence, as well as market intelligence, for all industry fields. Intelling is the publisher of Smart Insights Reports, that address secure transactions and smart card markets, providing an extensive qualitative and quantitative analysis.