According to the report titled ‘Europe Mobile Wallet Market Size By Technology, By Type, By Ownership, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report, Europe mobile wallet market is estimated to be appraised at USD 60 billion by the year 2026.
 

A shift in consumer behavior from visiting banks and ATMs to making transactions online, coupled with digital innovation are factors stimulating the growth of Europe mobile wallet market. Further, increased smartphone penetration, and accessibility of internet services are acting as catalysts.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3212735/
 

Speaking of types, Europe mobile wallet market is classified into open, semi-closed, and closed. As per the report, closed mobile wallet segment is projected to grow with a CAGR of 20% over the forecast period. Growing investments by e-commerce websites to launch their own closed wallet feature to improve customer loyalty and facilitate repeat purchases, along with discounts & cashbacks offered to encourage customers to store money in closed wallets will bolster the segmental share.
 

Based on technology terrain, Europe mobile wallet industry is divided into text based, optical/QR code, digital only, and near field communications (NFC). Among these, NFC segment is anticipated to record a y-o-y growth rate of 23% through 2026. Additional layer of security offered, in consort with consumer preference for cashless as well as contactless transactions is impelling the adoption of NFC technology. Moreover, this technology increases customer satisfaction and profit margins thus attributing to segmental market growth.
 

As per ownership, the marketplace is segregated into banks, devices, tech companies and Telco. The report cites that tech companies segment held 65% market share in 2019, owing to increasing investments by tech companies into mobile wallet technology. Additionally, tech companies have resorted to higher smartphone penetration and online interaction to persuade customers to pay online.
 

Wells Fargo & Company, Skrill Ltd., The Samsung Group, JPMorgan Chase & Co., Barclays plc, Ant Group, AT&T Inc ., Google LLC, Mastercard Incorporated, Amazon.com Inc., Allied Wallet Ltd., First Data Corporation, Visa Inc., Apple Inc., and Vodafone Group Plc among others are the firms influencing Europe mobile wallet market trends.