The research notes that mobile money transfer platforms are on the rise, with more than USD 160 billion of remittance flowing out of European countries each year.

Apart from well-known brands such as PayPal and Western Union, rapidly growing startups like U.K. fintech Revolut are competing for customers all over the continent.

In Hungary, PayPal is followed by Revolut, with U.K. peer TransferWise coming in third place in terms of downloads. The fourth most popular money transfer app is Skrill, with WorldRemit completing the top five.

While the scene is dominated by PayPal in most countries, Russian and Ukrainian users tend to opt for Russian payment service provider QIWI Wallet, while several countries like Ireland, Poland, and the Czech Republic pick Revolut over competitors.

The full research is available online, by following this link.