The difference between physical and digital commerce is dissolving, and channels are converging increasingly. The in-store purchase experience has shifted significantly closer to the online one due to the strong emphasis on contactless payments during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well-established in a few countries in Europe. Touchless payments and/or biometric identification are prevalent in online payment methods. Mobile payments, on the other hand, are gaining popularity due to the ease of use and the growing popularity of original equipment manufacturer (OEM) Pay solutions as a retail payment method. In a few countries, retailers and governments proactively request the customers to opt for contactless payments and encourage retailers to provide all possible support to their customers. Many banks have increased their contactless payment limits to reduce the need for a touchpad or cash at the point of sale, owing to the growth of the Europe market.
European governments realized that all businesses, irrespective of their size and scale, need assistance during the COVID-19 outbreak. The crisis hampered the business operations of public and private companies in the region. Russia, the UK, France, Italy, Spain, and Germany are among the worst-affected European countries due to the global outbreak. Businesses in the region face severe economic difficulties as they either suspended their operations or substantially reduced their activities. Due to the business shutdown, Europe witnessed an economic slowdown in the first half of 2021. However, the pandemic did not affect the software industry to a large extent, unlike other industries such as automotive and manufacturing, since businesses allowed their employees to continue working from their homes.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe digital payment market. The Europe digital payment market is expected to grow at a good CAGR during the forecast period.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 25,079.22 Million |
| Market Size by 2028 | US$ 64,508.08 Million |
| CAGR (2021 - 2028) | 14.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
|
|
Regions and Countries Covered
|
|
| Europe | UK, Germany, France, Russia, Italy, Rest of Europe |
| Market leaders and key company profiles |
|
The Europe Digital Payment Market is valued at US$ 25,079.22 Million in 2021, it is projected to reach US$ 64,508.08 Million by 2028.
As per our report Europe Digital Payment Market, the market size is valued at US$ 25,079.22 Million in 2021, projecting it to reach US$ 64,508.08 Million by 2028. This translates to a CAGR of approximately 14.4% during the forecast period.
The Europe Digital Payment Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Digital Payment Market report:
The Europe Digital Payment Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Digital Payment Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Digital Payment Market value chain can benefit from the information contained in a comprehensive market report.
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