The European mobile wallet market is set to reach USD 48.1 bln transaction value in 2020, growing by 37.3% year-on-year, according to data gathered by Finanso.se.
Moreover, the strong upward trend is expected to continue in the following years, with the market reaching USD 111.4 bln value by 2023. Mobile wallets eliminated the need for carrying money while reducing the chances of theft or losing currency.
In 2017, the European mobile wallets market was worth USD 17.4 bln, Finanso cited a Statista survey. Over the next twelve months, the transaction value increased by nearly 45% and reached USD 25 billion. The strong rising trend continued in 2019, with the value jumping to over USD 35 bln. Statistics show transaction value in the European mobile wallets market increased by 175% in the last three years.
Recent years have also witnessed a surge in the number of mobile wallet users across Europe. In 2017, nearly 34.5 million Europeans had been using this contactless payment method. This number grew by more than 50% in the last three years, reaching 51.7 million in 2020. Statistics show the upward trend is set to continue in the following years, with the number of users jumping over 63 million by 2023.
The average transaction value per user in the European mobile wallets market amounts to USD 931 in 2020. By the end of 2023, this amount is expected to increase by 90% and reach USD 1,768.
Analysed by geography, the UK represents the leading European mobile wallet market expected to reach USD 14.9 bln transaction value in 2020. With over USD 4 bln worth mobile wallet transactions in 2020, Russia ranked as the second-largest market in Europe. Spain, Sweden, and France follow with USD 2.6 bln, USD 2.5 bln, and USD 2.3 bln worth transactions, respectively.
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