Fintech Insider Podcast by 11:FS

878. Focus: Can European digital wallets challenge the dominance of the big tech players?

Jul 17, 2024

Guest Eddie Onaga from Visa discusses the growth of digital wallets in Europe, Apple's new announcement impacting payment systems, and the emergence of European digital wallets challenging Google and Apple Pay in the payment industry.

43:54

Episode guests

Eddie Onaga

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Digital wallets are projected to account for a significant share of e-commerce transactions in Western Europe, driven by the rise of mobile technology and the shift towards digital and contactless payments post-pandemic.

Modern digital wallets integrate various roles like payment solution provider, acquirer, checkout system, e-money solution, and more within a single app, offering diverse functionalities beyond basic payment processing.

Buy Now, Pay Later (BNPL) services face regulatory challenges in certain regions, impacting their growth potential despite offering convenience and flexibility in payments.

Deep dives

The Rise of Digital Wallets in Europe

Digital wallets are becoming increasingly popular in Western Europe, with projections indicating that they will account for a substantial portion of e-commerce transactions in the region. The rise of mobile technology and the shift towards digital and contactless payments post-pandemic are driving this growth. Mobile digital wallets offer enhanced payment experiences for consumers, providing superior checkout processes, personalized offers, enhanced security features like tokenization and biometrics, and improved transactions details. Additionally, merchants benefit from higher conversion rates, reduced fraud, and increased revenue with the adoption of digital wallets.

Intro

2min

Discussion on Roles in Digital Wallets and Payment Partnerships

2min

Growth and Evolution of Digital Wallets in Europe

19min

The impact of identity card solutions on digital wallets

2min

Exploring UK's Digital Wallet Innovation and Apple's EU Deal Impact

2min

Impact of European Digital Wallets on Payment Landscape

8min

The Rise of Super Apps and Cultural Differences in Banking Services

4min

Digital Wallet Market Expansion Strategies

4min

In this episode, in collaboration with Visa, 11:FS host David Barton-Grimley, alongside Eddie Onaga, Vice President, Head of Digital Partnerships - Europe at Visa, is looking at the growth, rise and future of digital wallets in Western Europe.

Digital wallets aren’t new, but with the rise of mobile technology and customers turning more and more to digital and contactless payment options post-pandemic the market is set to grow and grow.

Digital wallets are set to account for up to 30% of e-commerce transactions in Europe this year, going up to over 50% in the UK alone by 2027. They are not going anywhere so we want to peel back the curtain of their rise and success and see what might be next on the horizon in this space.

We also respond to the (at time of recording) hot off the press announcement from Apple that they will now give rivals access to the contactless payments technology on iPhones in Europe, meaning that their users will no longer be limited to the Apple Pay mobile wallet, and dig into the impact this could have on the space.

This week's guests are:

Deniz Oran, Head of Payments Partnerships at Google
Baard Slaattelid, Director Strategic Payment Partnerships at Vipps

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Fintech Insider by 11:FS is a bi-weekly podcast dedicated to all things finance, banking, technology, and financial services.

Our expert hosts, with real industry experience, are joined by the biggest decision-makers, VCs, and reporters from across financial services including guests from Visa, Nubank, M-Pesa, Starling, and JP Morgan Chase to discuss the latest news, developments, and trends within the industry.

Our weekly news show drops every Monday and tackles the biggest news stories, from acquisitions and launches, to regulatory changes and innovation. Then, every Friday our Insights show dives deeper into the hottest topics shaping the industry like web3 and BNPL.

Whether you’re already immersed in the world of financial services, or just keen to learn more, this is the #1 podcast for you.

If you enjoyed this episode, don't forget to subscribe and please leave a review

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Fintech Insider Podcast by 11:FS

878. Focus: Can European digital wallets challenge the dominance of the big tech players?

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

The Rise of Digital Wallets in Europe

Understanding Digital Wallets and Mobile Payments

Benefits and Challenges of Buy Now, Pay Later (BNPL)

Super Apps and Digital Ecosystems in Europe

Future Innovations and Industry Developments

Closing Remarks and Company Contacts

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Fintech Insider Podcast by 11:FS

878. Focus: Can European digital wallets challenge the dominance of the big tech players?

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

The Rise of Digital Wallets in Europe

Understanding Digital Wallets and Mobile Payments

Benefits and Challenges of Buy Now, Pay Later (BNPL)

Super Apps and Digital Ecosystems in Europe

Future Innovations and Industry Developments

Closing Remarks and Company Contacts

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Save anymoment

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