Securing the Future of Payments in Europe
The Future of European Payments is About Trust, Control, and Innovation
At Money20/20 Europe, we witnessed firsthand that the future of payments in the EU isn't just about moving money—it's about building trust, empowering consumers, and fostering groundbreaking innovation.
Key takeaways:
Digital wallets and A2A payments are poised for significant growth. While 50% of e-commerce transactions globally are made with digital wallets, the EU lags behind with only 30-35% adoption. This indicates a massive growth opportunity for digital wallet usage across Europe. Account-to-account payments are also set to become increasingly important in the EU market, providing a direct and efficient alternative to traditional payment systems.
The balance between seamlessness and security is crucial. Despite the push for seamless payment experiences, the session discussed how a certain level of friction can be beneficial. Consumers value control over their transactions, which can enhance security and reduce fraud.
The industry is heavily invested in fraud prevention. Significant investments are being made in fraud prevention, with Mastercard alone spending $7 billion on fraud last year. By 2025, global investments in fraud prevention are expected to reach $10 trillion, underscoring the immense focus and resources allocated to combat fraud in the payments industry.
Industry titans on stage:
- Eimear Creaven, President Western Europe, Mastercard: Highlighted the substantial resources dedicated to combating fraud.
- Martina Weimert, CEO, European Payments Initiative: Underscored the exciting growth potential in digital wallets and A2A payments.
- Expertly moderated by Scarlett Sieber, Chief Strategy & Growth Officer, Money20/20.
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