Europe Payments Market Size

Statistics for the 2023 & 2024 Europe Payments market size, created by Mordor Intelligence™ Industry Reports. Europe Payments size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Europe Payments Industry

Europe Payments Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 15.83 %
Market Concentration Medium

Major Players


*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

Europe Payments Market Analysis

The European payments market is expected to grow at a CAGR of 15.83% over the forecast period (2022 - 2027). Digital wallets are reshaping the European payments market. European digital and mobile payment transaction value has increased by more than 30% in the last three years. These payment methods are becoming increasingly popular today and by 2023.

  • In the European market, providers of cashless applications and digital wallet services, such as Apple pay, keep payments secure by combining tokenization with biometric features. When the payment card is activated, it receives a one-of-a-kind virtual token. This number is encrypted and securely stored on the user's mobile device. Only a biometric identification feature allows access to the token.
  • Making cross-border payments is a necessity for many European businesses and consumers. Traditional banks have traditionally controlled cross-border payments in Europe, as in many other geographies. On the other hand, traditional banks have been slow to respond to customers' changing needs for embedded FX solutions. Wise (formerly TransferWise) and Currencycloud are two new players that have emerged to capitalize on these opportunities (both Sapphire investments).
  • BNPL payment methods are becoming more popular in the European market. Klarna is the most prominent global payments service, offering 147 million active consumers in 45 countries more innovative and flexible shopping and purchasing experiences. BNPL payment methods will likely face regulatory challenges, limiting their service growth. Their popularity, however, cannot be denied. BNPL systems charge installments for the users until the total amount is paid.
  • The international digital payments industry has been profoundly altered by the COVID-19 global health crisis in the European market in 2020, which has resulted in significant market advancement since then. The adoption of contactless payments has increased consistently and is expected to accelerate further. Indeed, global cashless transactions are expected to grow at an annualized rate of about 18% between 2020 and 2025.
  • The pandemic facilitated the transition from traditional to digital banking. As many customers turned to internet shopping for the first time in Europe, ATM withdrawals fell, and geographic and age group differences in purchase behavior were significantly reduced. Between January and May 2020, Switzerland noted an increase in the share of debit-card spending from 65 % to 72 %.

Europe Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)