The Europe digital payment market is a dynamic and rapidly evolving sector that encompasses a wide range of electronic payment methods and services. It includes online payment platforms, mobile wallets, contactless payments, and traditional card-based transactions. With the growing adoption of digital payment solutions across Europe, this market has witnessed significant growth in recent years. European consumers and businesses increasingly embrace digital payment options, making this market highly competitive and innovative. It is expected to continue its growth trajectory as digitalization and fintech developments reshape the payment landscape.
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Data Bridge Market Research analyses that the Europe Digital Payment Market is expected to grow at a CAGR of 18.70 % in the forecast period of 2023 to 2030 and is expected to reach USD 2,23,956.58 million by 2030 from USD 56,827.44 million in 2022. Numerous European nations actively advocate for cashless societies, urging the widespread adoption of digital payments in daily transactions. These initiatives aim to enhance convenience, reduce costs, and promote financial inclusion while advancing secure and efficient electronic payment methods across the region.
Key Findings of the Study
E-commerce expansion is expected to drive the market's growth rate
The expansion e-commerce sector is a significant catalyst for the rise of digital payment solutions in Europe. Online shopping and the proliferation of e-commerce platforms have spurred a substantial demand for digital payment methods. This trend simplifies how consumers make online purchases, offering them a convenient and secure payment experience. As a result, digital payment systems play a pivotal role in facilitating the growth and accessibility of e-commerce transactions across the continent.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Offering (Solutions, and Services), Deployment Model (On Premises, Cloud), Organization Size (Large Enterprises, Small and Medium Enterprises (SMEs)), Mode of Payment (Payment Cards, Point of Sale, Unified Payments Interface (UPI) Service, Mobile Payment, Online Payment), Mode of Usage (Mobile Application, Desktop/Web Browser), Technology (Application Programming Interface (API), Data Analytics and Machine Learning, Digital Ledger Technology (DLT), Artificial Intelligence and Internet of Things, Biometric Authentication), Use Case (Person (P/C), Merchant/ Business, Government), End User (Commercial, Consumer)
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Countries Covered
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Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.
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Market Players Covered
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ACI Worldwide (U.S.), PayPal, Inc. (U.S.), Novatti Group Limited (Australia), Global Payments Inc. (U.S.), Visa (U.S.), Stripe, Inc. (Ireland), Google, LLC (U.S.), Finastra. (U.K.), SAMSUNG (South Korea), Amazon Web Services, Inc. (U.S.), Financial Software & Systems Pvt. Ltd. (U.S.), Aurus Inc. (U.S.), Adyen (Netherlands), Apple Inc. (U.S.), Fiserv, Inc. (U.S.), WEX Inc. (U.S.), wirecard (U.S.), Mastercard. (U.S.) among many others.
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The Europe digital payment market is segmented on the basis of offering, deployment model, organization size, mode of payment, mode of usage, technology, use case, and end user.
- On the basis of offering, the Europe digital payment market is segmented into solutions, and services.
- On the basis of deployment model, the Europe digital payment market is segmented into on premises, and cloud.
- On the basis of organization size, the Europe digital payment market is segmented into large enterprises, small and medium enterprises (SMEs)
- On the basis of mode of payment, the Europe digital payment market is segmented into payment cards, point of sale, unified payments interface (UPI) service, mobile payment, and online payment.
- On the basis of mode of usage, the Europe digital payment market is segmented mobile application, desktop/web browser.
- On the basis of technology, the Europe digital payment market is segmented into application programming interface (API), data analytics and machine learning, digital ledger technology (DLT), artificial intelligence and internet of things, and biometric authentication.
- On the basis of use case, the Europe digital payment market is segmented into person (P/C), merchant/ business, and government.
- On the basis of end user, the Europe digital payment market is segmented into commercial, and consumer.
Major Players
Data Bridge Market Research recognizes the following companies as the major Europe digital payment market players in Europe digital payment market are ACI Worldwide (U.S.), PayPal, Inc. (U.S.), Novatti Group Limited (Australia), Global Payments Inc. (U.S.), Visa (U.S.), Stripe, Inc. (Ireland), Google, LLC (U.S.), Finastra. (U.K.), SAMSUNG (South Korea).
Market Developments
- In 2022, Verizon Business collaborated with First National Bank of Omaha (FNBO) and Mastercard to introduce a credit card tailored for small business owners. The Verizon Business Mastercard, accessible to online account holders, offers rewards on every purchase
- In 2022, Visa collaborated with Fundbox, a working capital platform, to transform operations into digital payment solutions for small businesses. The initial step involved introducing the Fundbox Flex Visa Debit Card, issued by Pathward N.A.
- In 2022, Bank of America Corporation partnered with Banked Ltd. to launch Pay by Bank, an online payment solution enabling e-commerce customers to make direct payments from their bank accounts. This move is part of the company's ongoing technology investment initiatives
- In 2022, Visa finalized its acquisition of Tink, enabling financial services and product access for merchants, fintech, and financial institutions. Tink partnered with 3,400+ banks and millions of European bank customers
- In 2020, PayPal launched a QR code purchase feature within its app, designed for contactless and secure payments during the pandemic. This innovation is set to elevate company visibility and market presence
- In 2020, Mastercard and Samsung Electronics America, Inc. joined forces to offer MasterCard debit card choices within the Samsung Pay app, broadening their customer reach and enabling convenient debit card payments through the app
Regional Analysis
Geographically, the countries covered in the Europe digital payment market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.
As per Data Bridge Market Research analysis:
U.K. is the dominant region in Europe digital payment market during the forecast period 2023-2030
The U.K. dominates the digital payment market due to substantial investments in research and development, fostering advanced technologies. The region's growing digital infrastructure, online platforms, and internet accessibility enhance market expansion. These factors synergistically drive innovation and convenience, making the U.K. a prominent player in the digital payment landscape.
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