European contactless payment market is anticipated to grow at a CAGR 14.7% during the forecast period. European countries are considered to befertile grounds for contactless payments. Countries are providing a positive environment for various contactless platforms such as Apple Pay, Barclays Contactless Mobile, and others. For instance, as per UK Finance, a total of 38% of instore card payments are accounted as contactless payments in UK. Moreover, major economies of Europe such as Germany, France, Spain, and few others are moving rapidly towards digital payments which as a result are augmenting the integration of NFC-based payments in the region.
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With the active participation of the governments, the region has reported significant growth in digital payment investments. Moreover, the fintech collaborations provide the financial as well as technical support in the development of contactless payments. Germany, UK, France, and other European countries have reported substantial investment in the fintech sector. Estonia is another such country where the government is actively participating to support the adoption of digital payments. Estonia has advanced in the digital payments as more than 95% of the tax returns are filed digitally. The major factor behind the adoption of digital payment is the availability of modern infrastructure due to the active participation of government agencies in the development of digital platforms.
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European Contactless Payment Market Segmentation
By Device
· Smartphones
· Smart Cards
· Point of Sale Terminals
· Other
By End-User
· Retail
· BFSI
· Transportation
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
