According to PYMNTS.com, Visa is offering support to new EU digital wallet projects following a major regulatory shift from the Digital Markets Act that opened NFC access to third parties. Their own research found mobile payments now make up 59% of all eCommerce transactions in Europe, a figure projected to reach 75% by 2030, and that 32% of Europeans depend solely on mobile wallets. A specific project with Nordic wallet Vipps MobilePay has already launched a co-badged Visa wallet in Norway, with Denmark, Finland, and Sweden expected to follow. Meanwhile, a separate PYMNTS Intelligence report found in-store mobile wallet use surged to 31% of consumers, up from 14% last year. However, Apple Pay’s share of in-store transactions only grew incrementally from 8.9% to 10.2%, despite 85% merchant acceptance and 60% iPhone ownership among consumers.
Visa’s Strategic Play
Here’s the thing: Visa isn’t just being a helpful partner here. This is a classic defensive-offensive move. The DMA forced Apple to open up its NFC chip, which was a huge win for competitors. But that’s just the door being unlocked. Visa is now helping to build the furniture for the new tenants. By actively supporting wallets like Vipps MobilePay, Visa ensures its network remains the rail these new payment methods run on. It’s a brilliant way to maintain relevance and transaction volume in a world that could have otherwise fragmented into a bunch of closed, proprietary systems. They’re betting that being the enabling infrastructure is more powerful than trying to be the consumer-facing brand.
The Apple Pay Paradox
Now, the data on Apple Pay is fascinating, and honestly, a bit surprising. You’ve got nearly universal merchant acceptance and a dominant phone. So why is it only used in 10% of eligible in-store purchases? Growth is “steady but incremental,” as the report says. I think this highlights a crucial point about consumer habit. Tapping a phone isn’t that much easier than tapping a physical card for most people. The friction difference is minimal. And if your bank’s app or another wallet offers loyalty points or budgeting tools, why switch? Apple Pay’s dominance was partly built on exclusive access. Now that’s gone, and the real competition begins. It turns out, just being on the phone isn’t enough.
What This Means For The Market
Basically, we’re heading for a explosion of choice in Europe. National or regional wallets, bank consortium projects, maybe even retailer-led efforts—they all have a shot now. The beneficiary is theoretically the consumer, who gets more options. But let’s be skeptical for a second. More choice can also mean more confusion. Do I pay with my phone’s native wallet, my bank’s app, or the store’s app? The real battle will be over what provides value beyond the transaction. Think integrated transit passes, digital ID, or instant receipt tracking. The company that cracks that utility, not just the payment, will win. And Visa? They’ll be happy to process it all, no matter who wins the screen real estate on your phone.
