The European mobile payments market will almost triple over the next five years, vaulting from €52 billion at the end of 2015 to €148 billion by 2021.
According to the latest report from Forrester, increasing consumer awareness and growing retailer interest in mobile payments provide a positive backdrop for mobile payment growth.
Growth will come from mobile in person payments and from mobile remote payments, such as purchasing via an app when the consumer isn’t physically present with the seller, says the study.
Mobile in-person payments will grow the fastest, increasing almost fivefold between 2016 and 2021, from €4.6 billion in 2016 to €22.8 billion in 2021; they will account for nearly 16% of all mobile payments in the EU-7.
The launch of European mobile payment platforms, such as BNP Paribas’ Wa! in France and PayPal’s collaboration with Vodafone Wallet to enable in-person payments in Italy, as well as the market entry of technology giants like Apple, Google, and Samsung have led to greater consumer awareness of and opportunities for mobile in-person payments.
The wide availability and uptake of contactless payments across Europe…