According to a Forrester research, Mobile Payments are finally taking off in Europe thanks to the increasing consumer awareness and growing retailer interest in mobile payment options.
The research mentions that it expects the value of mobile transactions in the EU-7—France, Germany, Italy, the Netherlands, Spain, Sweden and the UK—to jump almost threefold during the next five years, from $52 billion at the end of 2015 to $148 billion by 2021
The reasons that motivate this rising awareness are :
- Proliferation of smartphones and other mobile devices capable of in-person mobile payments.
- Greater consumer awareness of and familiarity with mobile payment options.
- Convenience of mobile payments.
- Launch of more mobile payment schemes.
- Retailer interest and investment in mobile payments solutions.