Mobile payments are expanding steadily across Europe as consumers rely more on smartphones and wearable devices for everyday transactions, according to new data from the European Central Bank (ECB). The trend reflects a broader shift in how people shop and pay for goods, although adoption levels still vary widely from one country to another.

The ECB’s latest SPACE survey shows that in 2024, mobile apps accounted for 6% of all point-of-sale (POS) payments in the euro area, representing 7% of the total value. Five years earlier, both figures stood at just 1%, marking a significant rise as digital wallets become more common.

The Netherlands stands out as the clear leader, with mobile payments making up 17% of the total value of transactions. Spain follows at 12%, placing it ahead of larger economies such as Germany, France, and Italy.

Mobile payments cover a range of devices — including phones, smartwatches, and fitness bands — and are typically made through digital wallets or dedicated banking apps. Central banks say this category has grown as consumers increasingly view such methods as convenient substitutes for traditional cash or card usage.

Even with the growth of mobile options, day-to-day spending in the euro area remains dominated by in-person transactions. In 2024, 75% of payments were made at POS terminals, while 21% took place online and 4% were person-to-person transfers. By value, 58% of payments were made at POS, 36% online, and 6% via peer-to-peer channels.

Cash still accounts for the largest share of transactions at 52%, though it represents only 39% of the value, reflecting the higher use of notes and coins for small purchases. Cards make up 39% of transactions and 45% of the total value, indicating their use for higher-value payments. Mobile payments remain a smaller but expanding segment at 6% of transactions and 7% of value.

The Netherlands continues to lead Europe’s digital payment transition. A spokesperson for the Dutch Central Bank (DNB) told Euronews Business that consumers there regard mobile and contactless payments as quick and convenient alternatives. As a result, mobile payments now account for 19% of Dutch POS transactions. Ireland and Finland also report strong adoption, each with a 10% share.

By contrast, Slovenia, Croatia, and Belgium register some of the lowest usage rates, with only 3% of transactions made through smart devices. Among Europe’s largest economies, Spain is the only country exceeding the euro area average at 7%. Germany matches the regional figure, while France and Italy remain below it.

Digital literacy and consumer attitudes toward speed and usability play an important part in whether people adopt mobile payments. Yet concerns about security still deter many. Nearly a third of non-users cite fears of hacking or fraud as their main reason for avoiding mobile wallets, suggesting that trust remains a major factor shaping the pace of change.

Bitcoin tumbled on Monday, sliding below €75,000 as the cryptocurrency market continued the steep losses that have followed its record-breaking peak in early October. The drop of more than 5% during European trading pushed the digital asset to levels not seen since late summer, adding to growing concern among traders already bracing for another volatile month.

After hitting an all-time high of roughly €110,000 in October, Bitcoin’s value has been in near-continuous retreat. November alone saw the cryptocurrency shed more than 16%, briefly dipping towards €74,000 as large-scale liquidations swept across major exchanges. That trend accelerated at the start of December, with no clear signs of a sustained rebound.

Other leading cryptocurrencies also took a hit on Monday. Ethereum and Solana each fell by over 5%, tracking the downward movement that has dominated the sector since October, when early signs of weakening momentum first appeared.

Although Bitcoin attempted several short-lived recoveries last month, those gains quickly evaporated as traders pulled back from riskier markets. Analysts say the declines reflect a broader shift among investors who have reduced exposure to high-volatility assets, including crypto-linked stocks, amid growing uncertainty in global markets.

Equity markets have also shown similar patterns, with investors moving into more risk-averse positions after weaker economic data and diminishing expectations of early interest-rate cuts by the US Federal Reserve and the Bank of England. Low inflows into Bitcoin exchange-traded funds have added to the downward pressure. ETFs, which package assets such as stocks, commodities or cryptocurrencies into a single tradable product, often see broad sell-offs when underlying assets lose value.

The slump has also been linked to aggressive strategies used by institutional traders, which can amplify market swings during periods of instability. Despite hopes among some investors that Bitcoin would increasingly behave like a safe-haven asset similar to digital gold, analysts note that recent movements resemble those of tech-linked stocks.

The comparison has been reinforced by similar volatility in companies such as Nvidia, the US chipmaker whose rapid rise this year has been accompanied by sharp pullbacks. Market watchers say this pattern reflects the extent to which Bitcoin remains tied to wider sentiment in technology and growth-driven sectors.

With economic signals still mixed and investor appetite for high-risk assets continuing to fade, analysts caution that Bitcoin may face more turbulence in the weeks ahead unless broader market sentiment steadies.