Market Size of Netherlands Mobile Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.44 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Netherlands Mobile Payments Market Analysis
The Netherlands mobile payments market is expected to grow at a CAGR of 13.44% over the forecast period (2022 - 2027). The stores and services are rapidly adopting mobile payment applications, such as Tikkie, and PayPal, to accept and transfer payments. With increasing internet penetration and rapid growth in online retailing, this trend is expected to continue over the forecast period.
- Mobile phones, particularly smartphones, have grown to be an integral component of every person due to the rapid expansion of the global economy. Additionally, most people in the world now depend on the internet for daily activities. Due to This, the adoption of smartphones and internet users rose worldwide, resulting in a huge boost in the mobile payment sector.
- Mobile payment transactions in Netherland have increased, primarily due to the digital transformation of financial sectors and the introduction of new mobile payment applications. For instance, iDeal was introduced in 2005 and has taken over the e-commerce segment. Payments are made using the mobile banking app, or the online banking iDEAL is a direct online transfer from the user's bank account to the receiver's bank account.
- Many market giants use reward programs to keep existing customers and attract new ones to their mobile payment systems. For example, many service providers sell scratch cards for use with their applications that include a particular amount of money. The consumer's propensity to use mobile payment apps when using such reward techniques increases the market for mobile payments.
- The market for mobile payments is growing but is being constrained by rising data breaches and security problems. Additionally, many customers are hesitant to accept the new technology due to worries about security and unlawful use of personal data.
- Customers in the Netherlands widely started using digital transactions during the COVID-19 pandemic. Customers have access to digital banking systems through several banks and financial institutions. As a result, during the COVID-19 pandemic, mobile payments increased globally.
