Tag: mobile payments europe

European mobile payments are taking off, says Visa

The 2016 Digital Payments Study showed a rapidly rising number of consumers using smartphones to pay.

The 2016 Digital Payments Study from Visa revealed insight into European mobile payments trends. It showed that there has been a spike in the number of people using smartphones as wallets. In fact, the number of people using this type of transaction has tripled since 2015.

At the time of the research, 54 percent of consumers were using mobile payments on a regular basis.

The research indicated that European mobile payments were regularly used by over half of consumers. Comparatively, at the same time the year before, only 18 percent of consumers were using mobile wallets to pay for goods and services.

European Mobile Payments Take OffThis research involved the participation of over 36,000 online consumers in Europe. They resided in any of 19 different countries in the continent. The study showed a dramatic shift in the use of mobile payments technology over the prior 12 months.

The European mobile payments research also indicated that more people are open to trying the tech.

Last year at the same time, 38 percent of respondents had never used mobile payments and had no intention of ever trying it. This year’s figure has dropped to 12 percent. Clearly, far more people are interested in trying the use of mobile devices to pay for products and services.

There were two countries in which it was most obvious that there was a very large increase in mobile wallet use and interest. These two countries were Turkey and Romania. They have been adopting this technology at a staggering rate.

That said, the United Kingdom stood out as a market where there was a very large percentage of smartphone users who also used mobile payments. In the U.K., 74 percent of device owners had tried mobile wallets. Over half of the people who had tried the tech (59%) had done so to transfer money to friends and family. Slightly fewer (45 percent) had used it for purchasing take-out at restaurants.

A new trend in European mobile payments has also started to develop. Within it, consumers have revealed that they are increasingly comfortable in using their mobile devices to make more expensive purchases.

Mobile payments take off in Europe and drag in North America

It is clear that the adoption of this type of smartphone based transaction still has a long way to go.

A recently released study has now revealed that it is Europe that currently holds the top spot for the adoption of mobile payments, while at the same time, North America appears to be lagging behind the rest of the world in this same category.

This study was conducted during the period up to the point in which Apple Pay was launched in the U.S.

This study was conducted by a payment technology company based in Amsterdam called Ayden. The report on the research was included in its Q3 Mobile Payments Index. The data that was considered within this report runs up to the point at which Apple Pay rolled out in the United States. This could mean that from that point forward, the situation may change if it does turn out that the estimated 10 million Americans who have devices compatible with that service decide to actually use it.

Some believe that the awareness of mobile payments, alone, will start to improve its use in North America.

Mobile Payments - Up in Europe & Down in North AmericaAccording to the report, mobile devices made up 23.3 percent of all of the online payments that were completed within the three month span that finished on September 30. This represents a growth in the worldwide use of these transactions of a sizeable 21.4 percent when compared to the quarter beforehand, which closed at the end of June. Among all of the various regions that were considered within this report, Europe was at the very top of the adoption of this technology.

Smartphone payments in Europe made up 24 percent of all of the mobile based transactions in the world. Asia came in second by contributing 17 percent of those transactions. That said, it was Asia that was seen as the most rapidly growing in terms of adoption and use of these digital payments. Its year over year growth rate was recorded to be 58 percent, said the report.

North America was at the other end of the scale. It sat at 16.7 percent of the total mobile payments around the world, and remained pretty much unchanged in that figure when compared to the previous quarter.