Mobile banking and Mobile Payments Landscape in Europe

Justin Smith, CIOReview APAC | Thursday, May 13, 2021

Transactions are much easier, with just a tap on your mobile instead of playing around with cash. Mobile phone banking ensures no branch queueing and direct access to your account. Also opening a mobile bank account, such as bunq, Revolut and Starling Bank, can be achieved in minutes.

Fremont, CA: Mobile banking and mobile payments in Europe have grown a great deal over the last few years, not just technologically but also culturally; there is a strong change towards a cashless society. Some banks, such as bunq (a Dutch mobile-only bank launched in 2015), are exclusively available via mobile phone banking applications.

The growing trend of mobile banking and mobile payments in Europe

Companies have found that people spend a lot of time on their cell phones and are taking advantage of technological advances. Recently, there has been a rapid rise in the number of applications available and the number of people using them. Predictions say that there will be about USD 503 billion in mobile payments by 2020.Mobile phone banking is now the most popular form of banking in the United Kingdom; mobile payments and mobile banking have also become increasingly popular in the Netherlands.

There are mobile payment applications on the market from a range of major players in the industry as well as newer banks such as bunq, which offer a fully mobile banking experience. Several individual retailers have also launched their own apps.All major Dutch banks have recently updated their apps to provide fast iDEAL checkouts at hundreds of thousands of shops across the world.

The advantages of mobile banking and mobile payments in Europe

It Is Faster

Transactions are much easier, with just a tap on your mobile instead of playing around with cash. Mobile phone banking ensures no branch queueing and direct access to your account. Also opening a mobile bank account, such as bunq, Revolut and Starling Bank, can be achieved in minutes.

Fewer Complications 

All can be accomplished from a single unit. You don't need to visit a cash machine, visit a bank branch, check your wallet, or keep track of cash.

Check out: Top Payment and Card Consulting/Services Companies

Read Also

follow on linkedin follow on twitter

Copyright © 2022 CIOReviewAPAC. All rights reserved.         Contact         |         Subscribe        

Top