The same research also shows 68% of European consumers used a mobile wallet in 2017. Nearly two-thirds (62%) check their balance or access other services through a banking app, compared to just 29% using mobile banking and 7% using money management apps in 2015. Visa Europe data shows 77% of Europeans are already using mobile banking and/or mobile payments. Denmark and Sweden are Europe’s leaders when it comes to making proximity mobile payments, where they use their devices to pay for goods at POS locations in stores/business locations. As to be expected in such a diverse area, adoption varies greatly across different nations and there are a few standout countries driving the move towards mobile.Īccording to research from Visa Europe, millennials are driving the mobile payment revolution with 92% of the tech-savvy generation saying they’ll adopt the technology by 2020. Altogether, the seven companies have around 25 million registered users, over 1 million acceptance points and there are some 350 banks that support the systems.Įurope is home to some of the most cashless societies in the world and merchant service providers continue to increase their range of mobile payment options. Needless to say, we’re in the progress of a transition stage and this means merchants need to pick the right moment to incorporate mobile payments into their business.ĮMPSA’s remit includes planning the interoperability of the mobile payment systems across national borders.

In some markets, cash is already rapidly slowly as a means of payment, but many nations are slower to make the mobile switch for a number of reasons.

Mobile payments are the future as we move towards a cashless world. The EMPSA will hold its headquarters in Zurich, Switzerland, the association will be chaired by the Chairman of the TWINT Board of Directors, Søren Mose.Īccording to Allied Market Research, global mobile payment transactions will be worth more than £3.5 trillion by 2023, following growth of 33.8% CAGR between 2017-2023. Seven independent mobile payment systems in Europe have come together to form the European Mobile Payment Systems Association (EMPSA).

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