Financial applications have seen a continuous increase in adoption in European app stores in early 2021 as part of the ongoing COVID-19 pandemic. Sensor Tower 2021 State of Payment Application Status Report in Europe, available now, is a deep dive into changing trends in mobile digital payment and money transfer applications, as well as analyzes of its major publishers and markets.
Best payment apps topped 30 million installs in Q1 2021
The performance of the 50 best payment apps in Europe has remained strong so far this year after climbing 31% year-on-year to reach 102 million in 2020. In the first quarter of 2021, installations of the best app store payment applications Europeans grew 32 percent Y / Y to over 30 million from around 23 million in the same period last year.
PayPal and Google Pay downloads split the card
Since 2018 and until the first quarter of 2021, Pay Pal and Google pay were the most downloaded payment applications in Europe. However, their audience is not evenly distributed across the region. PayPal adoption is strong in Western and Southern Europe with an audience concentrated in the UK, Germany, France and Italy. Consumers in Central and Eastern Europe, however, prefer Google Pay, which was the first payment app in Russia.
This geographic distribution of audiences for the two main payment apps has seen a change in 2020 that shows PayPal is heading east. PayPal adoption in Eastern European markets increased significantly last year, climbing 191% to 365,000 in Romania and 156% year-on-year to nearly 600,000 in Ukraine. The onset of the COVID-19 pandemic also bolstered PayPal’s facilities in the region while Google Pay saw a decline: PayPal’s monthly installs in app stores across Europe rose 27% to 1, 9 million in April 2020 compared to 1.5 million in January, while those of Google Pay fell by 38%. to 1 million against 1.6 million comparing the same two months.
Western Union maintained its lead as the best money transfer app in Europe
Although other money transfer apps such as Wise has seen a growth in adoption, Western Union remained the leader of the category. App installs grew 51% year-on-year to 4.3 million in 2020 in the region’s app stores, dominating markets such as France, Germany, Italy and the Spain. However, the margin between Western Union and Wise is much thinner in the UK
For more analyzes of the Sensor Tower Store intelligence platform, including key information on the performance of payment applications in UK, Germany and Russia, download the full report in PDF format below: