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Every European country has its own way of paying money. Visa, Mastercard and PayPal are popular payment methods in many parts of the world, but Europe stands out because of its diversity when it comes to the use of online and offline payments. This can be seen, for example, when you look at the use of cash money in Europe. According to numbers from the European Central Bank (ECB), consumers from Malta, Cyprus, Greece or Spain were more likely to pay with cash in a shop or restaurant than their Estonian, Finnish or Belgian counterparts. A second example which highlights the difference in payment behavior presents itself when looking at the total number of debit card payments in Europe. Whilst the highest use of debit cards was recorded in the United Kingdom, with over 17 billion transactions, Germany recorded 3.3 billion transactions, which was less than Poland and the Netherlands.

In Western Europe, it's common to pay with credit or debit cards for either offline physical purchases in bricks-and-mortar-stores or for online purchases. Indeed, between 2003 and 2017, the total value of card transactions as a share of GDP increased from approximately 17.5 percent in 2013 to approximately 19.9 percent in 2017. In 2017, Visa credit cards reached a market share in terms of purchase volume of approximately 62 percent of the total European market. But there are many differences among the European countries. Visa reached a market share of 54 percent in Turkey in 2017, whilst Mastercard was the biggest provider in Sweden at that time. The highest percentage of credit card debtors in Europe live in either the United Kingdom or Romania, whereas few Dutch and Germans have credit card debts. Debit cards were most used by adults from Belgium, the Netherlands, Norway, Finland, Sweden and Denmark.

One might assume that with a digital wallet, Visa/Mastercard or a debit card from a local bank all payment methods Europe are covered. This is not the case.

 In Italy, approximately 37 percent of respondents reported that PayPal was their most used payment method on e-commerce websites for both tangible and intangible goods. And while direct debit payments were indeed popular in Poland, approximately 15 percent of the respondents preferred to pay for their online products with cash on delivery.

Digital wallet solution use the latest innovative technologies in IT security and persistently enhance fraud and anti-money laundering procedures to minimize fraud and operational risks.

R Pay, secured online payment solution helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.

Our digital wallet solution is feature rich with simple to utilize interface and we have trained developers and designers, who are ready to corporate to client contemplations and push your business to the top.

 The technology we use in digital wallet solution helps you to become most regarded mobile payment solution suppliers that empower money related comprehensiveness for all people. Digital payment solution decrease the payment time and enhance business.

It may have once in a while unfolded to go over a site like R Pay that you start regarding owning such a site promptly.

 You are presently close transforming into your favored real proprietor of the site. You have the decision to endeavor an arranged adaptable wallet.  R Pay group of designers, after minutely looking at your foreordained requirements, gets down to the matter of trim and propelling your favored site – anyway definite and complex.

 Source: https://www.statista.com/topics/3946/digital-payment-methods-in-europe/

Solution Insights

 The payment processing section overwhelmed the market, attributable to rising activities for the advancement of online and digital transactions. These solutions are widely embraced in end-use industries as they help reduce the time required for payment processing and also minimize administration cost. Moreover, these solutions help streamline transactions and reduce the time required for completing the transaction. Increasing adoption of MasterCard, and Visa (EMV) cards across the globe is expected to contribute to segment growth.

The payment gateway segment is required to enroll the most elevated CAGR over the estimate time frame. Different factors, for example, development of money pooling, token framework, and cashless exchanges are required to drive the fragment. A passage arrangement empowers associations to gather cash through the bank favored by the client without bargaining touchy information. In addition, these passages use industry-standard encryption, which successfully shields purchaser and trader information from misrepresentation.

Mode of Payment Insights

 Based on the mode of payment, the market has been segmented into bank cards, digital currencies, digital wallets, net banking, Point of Sales (POS), and others. The POS segment dominated the market, owing to benefits of high efficiency, ease of use, and increased accuracy. The point of sales terminals streamlines the accounting process, which makes it easy for merchants to keep a record of transactions.

The digital wallets segment is expected to register the highest CAGR over the forecast period. The emergence of online purchases and e-commerce is expected to propel the use of digital wallets over the forecast period. Digital wallets allow users to store various bank account numbers and credit card details in a secure environment. It also eliminates the need to enter details of account information during money transactions. This, in turn, is expected to fuel segment growth.

 Deployment Insights

 Based on deployment, the digital payment market has been segmented into cloud deployment and on-premise deployment. The on-premise deployment segment dominated the market, owing to easy customization of software as per a client’s business processes. Also, on-premise software is widely adopted as it does not require an internet connection. This, in turn, is expected to contribute to segment growth.

Cloud deployment is expected to register the highest growth over the forecast period owing to its provision of centralized configuration for digital transactions. By deploying solutions in the cloud, vendors can reduce their capital expenses and optimize their operating expenses. Organizations opt for this platform as it is hosted on the vendor’s server and can be accessed through a web browser. This feature eliminates the need to regularly upgrade the cloud-based business software system.

Enterprise Size Insights

 Based on enterprise size, the market has been segmented into large enterprises and small and medium enterprises (SMEs). Large enterprises are widely adopting digital payment solutions as they reduces the time required for payment execution, improve visibility in administration, and improve customer experience. These solutions allow large enterprises to open up their business to new markets, both domestic and international, which were earlier inaccessible due to high prevalence of cash transactions. This, in turn, is expected to propel the large enterprises segment over the forecast period.

 End-use Insights

 In light of end use, the market has been divided into BFSI, social insurance, IT and telecom, media and excitement, retail and internet business, transportation, and others. Electronic payment solutions are generally embraced in the BFSI business; as they offer secure cash exchanges. Expanding digitalization of banks and money related establishments is additionally expected to push section development throughout the following barely any years. Different inclines in advanced banking, for example, Mobile banking, individual fund the board, and digital wallet, are further adding to fragment development.

The retail and internet business fragment is required to rise as the quickest developing end-use portion over the figure time frame. Mobile wallet application empowers the retail dealer to disentangle the acquiring procedure for the client. It further spares client's time at checkout and wipes out the problem of plastic payment cards. The wide availability of smart phones, coupled with increasing usage of mobile wallet apps, is also contributing to segment market growth.

R Pay helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.

Know More:

Mobile Wallet Technology

During a time where cell phones are all over the place and there is by all accounts an application for everything, “mobile wallet” innovation is ending up more prominent consistently. As an entrepreneur, this is what you have to think about portable wallets.

What is a Mobile Wallet?

Portable wallets are basically advanced forms of conventional wallets that somebody would carry in their pocket. While there are numerous varieties, normally they can hold advanced data about credit and charge cards for making payments, store coupons and loyalty programs, specific information about personal identity and more.

Numerous organizations are bouncing into the mobile payments space—on both the paying and getting sides of the transaction—and new pioneers are constantly changing the business. In the U.S., they incorporate organizations, for example, Google, Amazon, PayPal, Square, and Apple. Globally, still more organizations are creating and propelling new innovations in this space.

How does a mobile wallet function?

A client can use the greater part of their put away data just by opening an application on their phone, entering in a PIN, secret word or unique finger impression and after that choosing the data they have to get to. The application at that point uses data exchange innovation, for example, Near-Field Communications (NFC) to interact with mobile wallet ready payment terminals.

·         Mobile wallets store your credit or debit card securely

·         They may also store your loyalty cards, coupons, tickets, etc.

·         They communicate with terminals using a variety of technologies

That is the place you come in as an entrepreneur. Without a gadget that gets mobile wallet data, you won’t have the capacity to exploit this undeniably well known payment mechanism.

How Can Mobile Wallet Payments Help My Business?

Increased customer use of mobile wallet technology has benefits for businesses of all sizes.

These include:

Reduced fraud – mobile wallets are harder to steal or duplicate than cards or cash

Decreased payment time – especially important for high-volume businesses

Lower fees – processing fees are expected to decrease over time relative to traditional cards

Better customer loyalty – built through sales and incentives sent directly to smart phones

Utilizing new advancements that associate straightforwardly to a rich programming background in the client’s hand can help upgrade their experience and teach them about your organization. Inventive independent companies will go past simply accepting mobile wallet payments to framing more far reaching portable procedures than their immediate rivals

How can small Entrepreneurs best prepare for the future?

To begin with, you ought to teach yourself about the advances and business arrangements in the commercial center. Second, you should find a way to update your equipment and software solutions for accepting payments from customers.

As digital wallets are getting much popular we, introduced a platform “R Pay” where you can make use of it to own a digital payment solution.

Power your business with our digital payment solution platform, R Pay – A universe away from cash!