The European mobile wallets market will be worth $114 billion by 2023, as the Coronavirus outbreak accelerates the shift to electronic payments.

Data gathered by credit technology company Finanso showed that mobile wallets are set to hit a $48.1 billion transaction value this year, growing by 37.3 per cent year-on-year.

This upward trend is expected to continue in the following years, with the market reaching $111.4 billion value by 2023.

Analysed by geography, the United Kingdom represents the leading European mobile wallet market, and is expected to reach $14.9 billion in transaction value this year.

Mobile wallets such as Apple Pay have reduced the need to handle cash amid disease transmission concerns and have facilitated the trend for contactless payments.

Transaction value in the European mobile wallets market increased by 175 per cent in the last three years, according to Finanso.

In 2017, nearly 34.5 million Europeans had been using this contactless payment method. This number more than doubled in the last three years, reaching 51.7 million in 2020.

The statistics showed the upward trend is set to continue in the following years, with the number of users jumping over 63 million by 2023.

The average transaction value per user in the European mobile wallets market amounts to $931 in 2020. By the end of 2023, this amount is expected to increase by 90 per cent and reach $1,768.

Share Story: