Europe Digital Payment Market – Industry Trends and Forecast to 2030

Europe Digital Payment Market, By Offering (Solutions, 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) – Industry Trends and Forecast to 2030.

Europe Digital Payment Market Analysis and Size

Now a days, the demand for the digital transactions increasing due to the growing usage of credit cards, mobile wallets, net banking, point of sale, debit cards, digital currencies and many other mobile apps. The mobile apps offer numerous promotional schemes for virtual transactions such as discounts, in-shop offers, online shopping vouchers, cashback, and others to attract more customers. As a result of this, increase the use of such cards and apps for online transactions which is likely to enhance the market growth during the forecast period.

Data Bridge Market Research analyses that the digital payment market is expected to reach USD 223,956.58 million by 2030, which is USD 56,827.44 million in 2022, at a CAGR of 18.70% during the forecast period. 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.

Europe Digital Payment Market Scope and Segmentation

Market Definition

Digital payment, sometimes named an electronic payment, is the transfer of money from one payment account to another payment account by using a digital device such as a computer, mobile phone, Point of Sales (POS) or a digital channel communications such as Society for the Worldwide Interbank Financial Telecommunication (SWIFT) or mobile wireless data. This definition includes payments made with mobile money, bank transfers, and payment cards including debit, credit and prepaid cards.

Europe Digital Payment Market

Drivers

• Growth and expansion of e-commerce

Growth and expansion of e-commerce has contributed to a surge in the digital financial services associated with consumers and small businesses which is boosting the growth of the digital payment market. For instance, many e-commerce platforms are seeing surge in the usage of digital payments, mainly digital wallet which is a digital payment system for helping the consumers with instant and safe transactions. Therefore, the growth and expansion of e-commerce is likely to drive the market growth.

• Increasing demand of digital payment in banking, financial services and insurance (BFSI) sector

Banking, financial services and insurance (BFSI) sector is the dominant sector which is anticipated to have the major impact on the digital payment market. In last few years, insurance, financial services, and stockbroking businesses have witnessed a huge change in the way they receive and disburse funds. Therefore, surge in demand for digital payment for cross-border and domestic transactions in banking, financial services and insurance (BFSI) sector is expected to boost the market growth.

Opportunities

• Increasing efforts by bank to launch European payment initiative

Banks in Europe are making several efforts to introduced European payment initiative which aimed at generating unified payments solution for consumers and sellers across this region. Such initiatives are anticipated to generate lucrative opportunities for the growth of the market during the forecast period.

• Rapid growth in smartphone users

A rapid growth in smartphone users in developing region of Europe, making the digital payment process user-friendly and more convenient option. Business outlets highly opting to adapt with mobile-based payment applications such as Pay Pal, Apple Pay, Google pay, Phone May, Amazon pay, and many other. Hence, the growth in smartphone users will likely to create ample opportunities for the market growth.

Restraints

• Rising cyber-attacks on digital payments

Cyber-attacks are the major factor which is expected to hamper the growth of the digital payment market. These attacks are the major issues that the payment sector has faced in a long period of time. The increasing usage of digital payment systems is also rising the cybersecurity dangers such as fraud and cyber theft.

• Increasing hesitance and fear among people

Increasing hesitance and fear among people in underdeveloped areas of Europe in regards to the security and safety in digital payments such as fraudulent payment apps, reverse engineering and tampering and many more will hamper the growth of the market.

This digital payment market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital payment market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2022, Verizon Business announced their partnership with First National Bank of Omaha (FNBO) and Mastercard to launch a credit card. The main goal of this launch to bring value to small business owners. The Verizon Business Mastercard is available to companies with an online account. It will include reward points on every purchase from credit card.
• In 2022, Visa partnered with Fundbox which is a working capital platform. With this partnership, they will convert its operation into digital payment solutions for small enterprises. The first phase of this complete process is to launch Fundbox Flex Visa Debit Card, allotted by Pathward N.A.
• In 2022, Visa completed its acquisition process with Tink that allows merchants, fintech and financial institutions, to make financial services and products. Tink collaborated with over 3,400 banks and millions of bank customers across Europe.
• In 2022, The Bank of America Corporation collaborated with Banked Ltd. to introduce Pay by Bank which is the online payment solution to allow customers of e-commerce sectors to pay directly from their bank account. As per the company, this strategy is a part of its repeated series of technology investments.

Europe Digital Payment Market Scope

The digital payment market is segmented on the basis of offering, deployment model, organization size, mode of payment, mode of usage, technology, use case, end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Offering

• Solutions
• Application Program Interface
• Payment Gateway
• Payment Processing
• Payment Security & Fraud Management
• Transaction Risk Management
• Others
• Services
• Professional Services
• Consulting        
• Implementation            
• Support and Maintenance
• Managed Services

 Deployment Model

• On Premises
• Cloud

Organization Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

 Mode of Payment

• Payment Cards
• Debit Card
• Credit Card
• Pre-Paid Card
• 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

Digital Payment Market Regional Analysis/Insights

The digital payment market is analyzed and market size insights and trends are provided by country, offering, deployment model, organization size, mode of payment, mode of usage, technology, use case, end user as referenced above.

The countries covered in the digital payment market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, and Rest of Europe in Europe

U.K. dominates the digital payment market owing to the increasing investments in research and development activities for advanced technologies in this region. Furthermore, growth in digital infrastructure online platform and internet will further boost the market growth.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Digital Payment Market Share Analysis

The digital payment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital payment market.

Some of the major players operating in the 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)
• 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.)