Mobile Payment in Europe by 2025…
- 481 million mobile users – GSMA
- Over 80% smartphone adoption rate – GSMA
- 203 million 5G connections, almost 30% of connections in total! – GSMA
Digital Europe, at the heart of the challenges of the future
The digital revolution in Europe has had extremely important consequences in terms of digital, economic and social development. Considered as one of the continents with the highest connectivity rate, Europe remains an area of technological and regulatory innovation.
European prospects and specificities
The digital era in Europe offers the opportunity for new experiences and new models to emerge. These transformations are at the heart of the development of a continent that is ahead in terms of regulation, governance framework and data protection.
The second version of the European Payment Services Directive (PSD2) provides a clear regulatory framework for both traditional and new payment methods such as Direct Carrier Billing (DCB). This new legal framework offers a considerable number of opportunities, in addition to increasing the level of protection for users, this new version of the regulation also enhances the competitiveness of the sector, thus pushing the players to be innovative. This clarification of the legal requirements in the sector provides a clear view of the future, particularly in terms of specific authorizations and licenses. The PSD2 thus responds to the evolution of the digital sector and digital payments by allowing industry players to meet the requirements to ensure a virtuous activity that respects users’ rights and needs.
Recent changes in legislation (GDPR, PSD2 and related Strong Customer Authentication (SCA) requirements) also support theAs in all regions of the world, the Covid-19 pandemic has had a considerable impact in Europe. The high level of connectivity in the area has allowed people to adapt more or less to the different evolutions induced by the pandemic and its health restrictions. The cell phone industry has played an essential role in maintaining the European economy, accounting for more than 4% of the continent’s GDP in 2020 (GSMA). Keeping people connected and providing them with a quality network has allowed the European economy to adapt to the new reality.
The key to success in Europe? Understanding and supporting new practices!
The high adoption rate of 5G offers an unparalleled world of possibilities in Europe! Faced with the growing development of new applications, the main challenge for the mobile phone and payment industry is to meet the expectations and new consumption methods. The high performance of the 5G connection offers numerous opportunities to explore, with the user experience at the center of it all. Understanding and accompanying new uses means grasping new challenges and building new lifestyles.