Forrester’s latest mobile payments forecast estimates that mobile payment transactions in Western Europe will grow from €52 billion in 2016 to €148 billion by 2021 — a compound annual growth rate of 23% over the next five years.
Here are some key takeaways:
- By 2021, European mobile payments will be just over half the value of those in the US, but mobile payment use will grow faster.
- Consumers say that they trust PayPal the most to provide a mobile digital wallet.
- Mobile payments in 2016 accounted for just 3% of the €1.62 trillion in retail payments in the EU-7 countries.
- Mobile in-person payments will grow fastest, increasing almost fivefold to be 15% of the total market value by 2021.
- Despite healthy growth rates, mobile payments will remain a small fraction of overall European retail payments as existing payment habits will remain stubbornly entrenched.
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