News

Europe leads the way in digital banking, payments

September 21, 2017

The uptake of mobile devices to manage money, conduct banking and make payments is greater than ever in Europe as 77 percent of Europeans now use their mobile devices to keep track of their finances and make everyday payments that include bills, parking and going out, according to a new report from Visa.

The annual Visa Digital Payments Study examines consumer behavior around digital payments, ranging from contactless to online shopping as well as attitudes on privacy and security.

This year’s study reveals that:

• Nearly two-thirds of Europeans (62 percent) check their balance or access other services through a banking app. By comparison, in 2015, only 29 percent of people surveyed had a mobile banking app and 7 percent used a money management app.
• More than two-thirds (68 percent) have used a digital wallet (e.g., PayPal), a card-on-file service (in which the website stores payment details) or a mobile payment service such as Apple Pay, Android Pay or Samsung Pay. This number is up from 63 percent in 2016.
• Consumers increasingly comfortable doing transactions on their mobile devices, moving away from desktops and laptops;  nearly half (48 percent) of Europeans use a mobile device to shop.
• Almost the same number (45 percent) send money to friends and family using a smartphone or tablet.

"We are excited by the results of this survey and the confidence and enthusiasm that consumers have expressed for new ways to pay and to be paid, embracing the digital products and services that best fit their fast-moving lifestyle," Bill Gajda, senior vice president of innovation and strategic partnerships for Visa, said in the release.