Digital Payments in Europe Set for Transformation in 2025: Smartphone Penetration, Contactless Adoption, and Digital Wallets Lead the Way
Digital Payments Surge in Europe Driven by Wallet Adoption
In 2024, digital payment adoption in Europe exceeded 60% for online transactions and over 25% for in-store payments. The rise was driven by contactless options, smartphone penetration, and the adoption of global digital wallets. Global wallets remained the preferred method for online payments, while OEM wallets led in-store transactions, reflecting the demand for fast and secure solutions.
Instant Payments Propel Non-Cash Transaction Growth
The volume of non-cash transactions in Europe is projected to grow at a CAGR of over +10% from 2023, reaching more than 630 billion transactions by 2028. In the B2B segment, non-cash transactions are expected to total nearly 90 billion by 2028. While card payments dominated in 2023, comprising over 60% of transaction volume, instant payments continued to gain traction, driven by the need for real-time and seamless transactions.
Questions Covered
- Which digital wallet type dominated in-store payments in Europe in 2024?
- What was the primary reason for Europeans favouring Pay by Bank in 2024?
- What is the projected retail E-Commerce share in Western Europe by 2028?
- How many cryptocurrency owners were there in Europe in 2024?
- What are the main factors influencing the selection of an online payment method in Europe in 2024?
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Table of Contents
1. Management Summary
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BVNK
- Bitcoin
- Ethereum
- USDC
- USDT
