During the month of August, MS 16 team advised Hungarian based international bank regarding their new mobile products.
MS 16 research team analyzed European market for mobile banking and mobile payments and concluded that, overall, shoppers in Europe have shown little interest in mobile payments to date. In France, for example, more than half of smartphone users in December 2016 said they were not willing to use mobile payments, even for purchases less than EUR 20.
But mobile payments are finally poised for takeoff, according to MS 16 research. It expects the value of mobile transactions in the EU-7 – France, Germany, Italy, the Netherlands, Spain, Sweden and the UK – to jump almost threefold during the next five years, from USD 52 billion at the end of 2015 to USD 148 billion by 2021, spurred by increasing consumer awareness and growing retailer interest in mobile payment options.
Our research defines mobile payments as including in-person mobile payments, such as contactless payments; remote mobile payments, and peer-to-peer payments.
Remote mobile payments will increase more slowly across the EU, but will remain the largest segment of the market by a sizable margin. The value of remote mobile transactions is projected to climb at a compound annual growth rate of 20% and makeup two thirds of mobile payments in 2021.
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