Visa’s latest wave of digital wallet launches across Europe signals a pivotal shift in the mobile payments sector, one driven by both technological advancements and regulatory changes. As Apple is now compelled to open up NFC (Near Field Communication) access to third-party apps under the European Union’s Digital Markets Act (DMA), Visa is moving swiftly to help banks and fintechs build their own mobile wallets, positioning itself to compete directly with Apple Pay for the first time.

This strategic development, which includes new partnerships with leading financial institutions such as BBVA, Klarna, Vipps MobilePay, and a pilot program with Italy’s BANCOMAT, lays the groundwork for a new generation of mobile wallets that leverage tokenization, flexible payment credentials, contactless technology, and deeper user control over their payment experiences. With these changes, Visa is primed to play a foundational role in the next wave of mobile payments, potentially reshaping the way Europeans engage with digital commerce.

The Digital Markets Act: Opening NFC to Competition

Until recently, iOS devices were locked into Apple’s ecosystem when it came to mobile payments. Host Card Emulation (HCE), the technology enabling apps to emulate a payment card on a device, was restricted on iOS, meaning only Apple Wallet had access to the NFC chip for tap-to-pay transactions. However, the passing of the DMA has fundamentally altered this competitive dynamic, enabling third-party apps banks, fintechs, and other players to access NFC for payments.

The key provisions of the DMA require Apple to:

• Open up access to the NFC chip for third-party apps.
• Allow banks and fintech companies to create their own iOS wallets with tap-to-pay functionality.

For Visa, this creates an opportunity to assist financial institutions in developing their own branded wallets that integrate seamlessly into the broader mobile payments ecosystem, thereby creating competition for Apple Pay, particularly in European markets.

Visa’s approach goes far beyond facilitating basic card payments. The company is helping its partners shift towards a wallet-first strategy, underpinned by advanced technologies such as:

• Visa Token Service (VTS): Enabling secure, tokenized payments.
• Flexible Credential Technology: Supporting multiple funding models from a single digital wallet.
• VisaPay: A unified infrastructure layer for wallets.
• NFC & HCE Capabilities on Both iOS and Android: Expanding access to contactless payments.
• Global Acceptance and Fraud Protection: Ensuring security and reliability across borders.

Visa’s ambition is to position itself as the underlying technology layer for any wallet whether from a bank, fintech, or domestic payment scheme that seeks to provide users with seamless payment experiences while maintaining global reach, integrated risk controls, and customizable user interfaces.

Key Wallet Launches Across Europe

Visa’s new NFC-enabled wallets are beginning to roll out across Europe, with notable launches already taking place.

BBVA Pay (Spain)

BBVA’s new wallet becomes the world’s first to integrate Visa’s Software Development Kit (SDK) with Visa Token Service, offering full issuer control over the user experience and providing the flexibility to integrate loyalty programs, installment payments, and other non-payment credentials. This move positions BBVA as a serious competitor to Apple Pay in Spain, with deeper customer engagement potential.

Klarna Wallet (14 European Countries)

Klarna’s wallet extends its tap-to-pay functionality to both iOS and Android devices, allowing users to access a unified checkout and financing experience. By offering a single credential capable of supporting “Pay Now,” “Pay Later,” or installment payments, Klarna furthers its ambitions to become a super-app for European consumers.

Vipps MobilePay (Norway, Denmark, Finland, Sweden)

Already one of the most widely adopted mobile wallets in Europe, Vipps MobilePay now incorporates Visa’s infrastructure for global payments while preserving the wallet’s core local functionalities. This development strengthens its position as a local alternative to Apple Pay, ensuring it remains competitive in the Nordic region and beyond.

BANCOMAT (Italy – Pilot in 2026)

A collaboration between Visa and Italy’s domestic payment network, BANCOMAT, aims to streamline international payments for Italian users while integrating VisaPay technology. This initiative is particularly significant for bridging local Italian payment infrastructure with global payment acceptance.

Europe is experiencing a rapid shift toward wallet-centric commerce, where mobile wallets are not only used for payments but also increasingly house other digital assets such as loyalty cards, IDs, transit tickets, and more. As wallets continue to evolve, they are poised to replace not only physical cards but potentially even traditional banking apps themselves.

• 59% of e-commerce transactions in Europe are already conducted via mobile wallets, with that number expected to rise to 75% by 2030.
• 32% of Europeans plan to use mobile wallets exclusively for payments in the near future.

This rapid adoption suggests that mobile wallets will not just be transactional tools but central hubs for digital identity, open banking, and broader financial services.

Competitive Landscape

The DMA has effectively leveled the playing field for banks and fintechs, allowing them to:

• Control their own branding and user experience.
• Integrate loyalty programs and flexible financing options like Buy Now Pay Later (BNPL) directly into payments.
• Utilize local payment rails and infrastructure when possible, reducing reliance on global networks like Visa and Mastercard.

While Apple remains dominant in many high-income markets, its once-exclusive control over mobile payments on iOS has been significantly weakened, opening the door to more competition and innovation.

Looking ahead, the next few years will likely see further evolution in Europe’s mobile payments ecosystem:

• More banks launching their own iOS wallets.
• Greater collaboration between domestic payment schemes (e.g., Cartes Bancaires) and global payment networks like Visa and Mastercard.
• Expansion of wallets into broader domains such as digital ID, mobility, transit, and ticketing.
• Deep integration of open banking features within wallets, enhancing financial services accessibility.
• The convergence of tap-to-pay with peer-to-peer (P2P) and request-to-pay services.
• Increased adoption of embedded finance options, such as micro-loans and insurance, integrated directly into wallet workflows.

While Europe may not yet mirror Asia’s super-app ecosystem, the regulatory landscape is ripe for the emergence of interoperable, wallet-based super-apps that serve as one-stop shops for digital services.

Despite the promising future of mobile payments, several operational questions remain to be addressed.

• How will risk models and fraud protection evolve across different wallets and payment schemes?
• What will the technical and commercial terms look like for tokenization and NFC access?
• How will provisioning work across Visa, domestic schemes, and issuers?
• What are the technical and regulatory guidelines for cross-border payments and wallet integrations?

These questions will determine the pace at which Europe’s mobile payments ecosystem matures.

Visa’s latest digital wallet initiatives represent more than just a product rollout, they signify the dawn of a new era in mobile payments. With NFC access now open to third-party apps and Visa providing the infrastructure backbone for secure, tokenized payments, banks and fintechs have unprecedented opportunities to innovate and compete at scale. As this transformation unfolds, Europe is on track to become a global leader in open, interoperable, and innovation-driven mobile payments. The next few years will be critical in shaping the future of wallet-based commerce, with Visa’s strategy positioning it at the heart of this rapidly evolving ecosystem.