In recent news, Visa has facilitated the introduction of three new digital wallets across Europe, collaborating with BBVA, Klarna, and Vipps MobilePay.
Following this announcement, these wallets now utilise NFC (Near Field Communication) technology via HCE (Host Card Emulation) on iOS platforms. This move is part of a significant regulatory shift under the EU’s Digital Markets Act, which has opened up NFC access for third-party wallets, fostering enhanced competition and development in mobile payments. It also empowers local players to introduce innovative experiences and increase consumer choices.
The expanding role of digital wallets
According to Visa’s official press release, a research report highlighted that over half (59%) of all ecommerce transactions in Europe are currently conducted via mobile payments, with this figure anticipated to grow to three-quarters (75%) by 2030. Almost one-third (32%) of European consumers expect to rely exclusively on mobile wallets for their purchases, driven by a desire for speed, convenience, and control.
Visa has partnered with multiple issuers in Europe to launch new iOS wallets:
The BBVA Pay wallet, integrated within the BBVA Mobile Banking App, is a single issuer solution launched in Spain. It incorporates Visa’s software development kit (SDK) to directly integrate Visa Token Service (VTS), ensuring secure card information handling through tokenisation. This introduces a fresh payment experience for users.
Klarna’s wallet has been rolled out across 14 European countries, improving the app’s functionality and creating a unified, secure experience for Klarna users on both iOS and Android platforms. By introducing tap-to-pay capabilities via the Klarna Card powered by Visa Flexible Credential, it aims to offer more consumer choice and an integrated payment solution.
Vipps MobilePay, a mobile wallet service in the Nordic region, has launched a co-branded Visa wallet in Norway with plans to expand into Denmark, Finland, and Sweden. This wallet combines local familiarity with global acceptance, automatically enrolling stored cards for contactless use while maintaining existing features enjoyed by Vipps users.
Italy’s domestic scheme BANCOMAT is piloting the integration of a Visa wallet service through its BANCOMAT Pay service, enabling secure and contactless payments wherever Visa solutions are accepted. This pilot leverages VisaPay, Visa’s new wallet solution designed for enhanced security and scalability through improved tokenisation capabilities.
Currently, digital wallets are transforming from basic payment tools to comprehensive platforms supporting peer-to-peer transfers, real-time bank payments, and even storing digital keys, loyalty cards, and event tickets. With NFC access, these wallets can offer more tailored services via a single secure interface.
As Europe’s digital landscape evolves with Open Banking, Embedded Finance, and digital identity advancements, financial institutions and companies gain new opportunities to create more secure and customised experiences for their customers. Visa’s infrastructure supports various payment types, including cards, account-to-account transactions, and tokenised assets, providing partners the flexibility to build future-ready solutions that cater to today’s consumers.
