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
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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.
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.
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