Research and Markets`s “mWallets to Meet European Adoption analyses the evolution of the contactless cards and mobile payments market in the region. The report finds that, so far, financial institutions and mobile network operators have all plunged into mobile payments by introducing mobile wallets as a payment tool. However, none of them has actually met a wide consumer adoption.
The report finds that even if the card and mobile payments industry is set to see lower revenues with introduced interchange cap regulation in the region, the total m-wallet revenue for the payments industry is forecasted to demonstrate a CAGR of 50% over the 2016-2021 period, surpassing the EUR1 billion bar by 2021.
Also, Android OS (Samsung Pay along with Android Pay) will account for a large share of the handsets sales in 2021 and translates into m-wallet adoption, as Android-based m-wallets will account for 71.4% of the total number of m-wallets in the EU.
In contrast, the limited market share of Apple Pay will constrain its access to the m-wallet market in the EU as by 2021 Apple Pay will represent only 13.5% of the total amount of m-wallets.
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