A new research report projects the number of mobile wallet transactions in the European Union will grow at a CAGR of 61.8% over 2016-2021.
Intelling’s new Smart Insights Report “mWallets to meet European adoption” establishes that the Pay Wallets, Apple Pay, Samsung Pay, Android Pay, … will easily adapt to European payment market and be massively adopted over the next few years, generating over EUR 1 billion revenue for the payment industry by 2021.
The total mWallet revenue for the payments industry is forecasted to experience a CAGR of 50% over the 2016-2021 period, surpassing the EUR 1 billion bar by 2021.
Major findings from the report include:
• In the US and in South Korea, the Pay Wallets have experienced some hiccups during their introduction phase but are now meeting a growing adoption,
• So far, in Europe, both financial institutions and mobile network operators have attempted to introduce mobile payment solutions but have failed to reach mass markets so far,
• The card and payment industry is on a trend towards a lower revenue operation due to the recently introduced interchange cap regulation in the region.
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