According to data gathered by Finanso.se the European digital payments market is expected to hit a record $802 billion transaction value in 2020, which means a 9.9% yearly growth rate.
This upward trend is likely to continue in the following years, with the market value reaching nearly $1 trn by 2023.
Digital commerce represents a very significant segment of the market. It will generate more than 90% of the transactions this year.
The average transaction value per user in this part of the European digital payments industry also increased over the last three years, ranging from $1,053 in 2017 to over $1,239 in 2020.
But the mobile POS payments part of the market is expected to witness even more serious growth in the following years.
The transaction value of the European mobile payments jumped 2.5 times in the last three years, rising from $17.4 million in 2017 to over $48 million in 2020. By the end of 2023, this figure is forecast to hit more than $111.4 million.
The average transaction value per customer in the mobile payments segment nearly doubled over the last three years, reaching $931 in 2020. Statistics indicate this amount will hit $1,767 by 2023, or three times more than the 2017 figures.
In 2017, there were more than 601 million people in Europe using digital payments. Over the last three years, this number increased to more than 660 million.
Statistics show the number of Europeans using cashless payment is set to reach 705 million by 2023. Analyzed by geography, the UK represents the leading European digital payments market, expected to reach USD 176 million transaction value this year.
The 2019 Statista consumer survey also revealed that European countries dominate when it comes to the use of online payment through companies like Paypal, Amazon Pay, Google Wallet, or Masterpass. With a 77% usage rate, Germany is the leading country in the world in this field of digital payments. The United Kingdom and Poland follow with 71.5% and 71%, respectively.