KEY FINDINGS The Europe mobile payment market is expected to grow at a CAGR of 21.88% over the forecast period of 2018-2026. This anticipated growth in the CAGR is also expected to increase the revenue generated by the market considerably, with the UK mobile payment market accounting for the highest revenue share by the end of 2026.
MARKET INSIGHTS The large number of mergers, acquisitions, and partnership of the major players within the region, a preference for the mobile payment mode over traditional payment methods, the phenomenal surge in e-commerce and the exponential advancement in technology are all acting as the major drivers for the market expansion.The mobile payment market is segmented on the basis of two main criteria: the medium and the payment type.
The medium is again sub-categorized into contactless, USSD, SMS and internet, with the SMS accounting for a larger share in this category.The type of payment segment is further categorized on the basis of mobile commerce services and mobile P2P (person to person) transfer, with the P2P being a more popular type.
Although the prospects look good for the market, factors such as huge a capital requirement, unwillingness among some customers to switch to newer technology, security threats, and the incidents of spyware and malware attacks may act as restraints and slow down the mobile payment market growth in the future
COMPETITIVE INSIGHTS Paypal, Yeepay, Mastercard, Intuit Pay, Airtel Money, Apple Inc, Tenpay Technology Ltd, Softcard, Boku, Izettle, Google, 99bill Corporation, Square Inc, Merchant Customer Exchange, Dwolla Corp, We Pay Inc, etc. are some of the big players in the market.
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