Europe Digital Payment Market Size, Share, Classification, Opportunities, Types and Applications, Status and Forecast to 2028

 

The Europe digital payment market is expected to grow from US$ 25,079.22 million in 2021 to US$ 64,508.08 million by 2028; it is estimated to grow at a CAGR of 14.4% from 2021 to 2028.

The distinction between physical and digital commerce is increasingly blurring as channels continue to converge. The COVID-19 pandemic accelerated this shift, particularly in the in-store purchase experience, which has moved closer to the online experience due to the heightened focus on contactless payments. Even before the pandemic, contactless payments were already well-established in several European countries. Today, touchless payments and biometric identification have become prevalent in online payment methods, while mobile payments are gaining traction due to their convenience and the rising popularity of OEM Pay solutions as a retail payment option. In many countries, retailers and governments are actively encouraging customers to adopt contactless payments and are supporting businesses in facilitating these methods. To further reduce the need for physical touchpads or cash transactions, many banks have raised their contactless payment limits, contributing to the growth of the digital payment market in Europe.

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The COVID-19 pandemic highlighted the need for support across all businesses, regardless of their size or scale. The crisis disrupted operations for both public and private companies across Europe, with countries like Russia, the UK, France, Italy, Spain, and Germany being among the hardest hit. Many businesses faced severe economic challenges, with some suspending operations or significantly scaling back their activities. This led to an economic slowdown in the first half of 2021. However, the software industry was less affected compared to sectors like automotive and manufacturing, as many companies transitioned to remote work, allowing employees to continue working from home.

The integration of new features and technologies in digital payment systems is enabling vendors to attract new customers and expand their presence in emerging markets. This trend is expected to drive the growth of the Europe digital payment market, which is projected to achieve a strong compound annual growth rate (CAGR) during the forecast period. As businesses and consumers increasingly embrace digital payment solutions, the market is poised for significant expansion.

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Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications

Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights

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