The Europe Digital Payment Market is expected to grow from US$ 25,079.22 million in 2021 to US$ 64,508.08 million by 2028; it is estimated to grow at a CAGR of 14.4% from 2021 to 2028.
– **Convergence of Physical and Digital Commerce**:
– The boundary between physical and digital commerce is increasingly blurring as the two channels merge.
– The in-store shopping experience has become more similar to online shopping, driven by the emphasis on contactless payments during the COVID-19 pandemic.
– Contactless payments were already widely adopted in several European countries before the pandemic.
– Touchless payments and biometric identification are now standard features in online payment methods.
– Mobile payments are gaining popularity due to their convenience and the rise of OEM Pay solutions as a preferred retail payment method.
– Retailers and governments in some countries are actively encouraging contactless payments and supporting businesses in adopting these methods.
– Many banks have increased contactless payment limits to reduce reliance on physical touchpads or cash at points of sale, reflecting the growth of the European market.
– **Impact of COVID-19 on European Businesses**:
– European governments recognized the need to support businesses of all sizes during the pandemic.
– The crisis disrupted operations for both public and private companies across the region.
– Countries such as Russia, the UK, France, Italy, Spain, and Germany were among the most severely affected.
– Many businesses faced significant economic challenges, leading to suspended operations or drastically reduced activities.
– Europe experienced an economic slowdown in the first half of 2021.
– The software industry was less impacted compared to sectors like automotive and manufacturing, as businesses transitioned to remote work, allowing employees to work from home.
– **Growth of the Europe Digital Payment Market**:
– The adoption of new features and technologies is helping vendors attract new customers and expand into emerging markets.
– This trend is expected to drive the growth of the Europe digital payment market.
– The market is projected to achieve a robust compound annual growth rate (CAGR) during the forecast period.
– Digital payment solutions are set to play a pivotal role in shaping the future of commerce in Europe.
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Europe Digital Payment Market Segmentation
Europe Digital Payment Market, by Component
- Solution
- Payment Gateway
- Payment Processing
- Payment Security and Fraud Management
- Point of Sale
- Payment Wallet
- Services
- Professional Services
- Managed Services
Europe Digital Payment Market, By Deployment
- On-Premise
- Cloud-Based
Europe Digital Payment Market, By Organization Size
- SMEs
- Large Enterprises
Europe Digital Payment Market, by Industry
- BFSI
- Retail and Ecommerce
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- IT and Telecom
- Others
Europe Digital Payment Market, by Country
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
Europe Digital Payment Market – Companies Mentioned
- ACI Worldwide, Inc.
- Adyen
- Block, Inc.
- Financial Software & Systems Pvt. Ltd.
- Fiserv, Inc.
- Global Payments Inc.
- Novatti Group Ltd
- PayPal Holdings, Inc.
- Paysafe Limited
- PayU
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