The Mobility White Paper collated data from the top 25 mobility providers across Germany, France, Italy, and Spain, finding that over one third of consumers open accounts and apply for credit cards or loans with the most popular mobility brands. A mobility provider is defined as an operator of a transportation or rideshare service.

Italy shows the highest number of respondents reporting that they would utilise embedded finance services from a mobility brand at 61.8%, followed by Spain (51.3%), Germany (36.1%), and lastly France (33.3%).

The study highlights that consumers are inclined to use newer digital products and services if they are familiar with a brand. Respondents indicate that brands with a solid position in the space feel safer and more reliable to them; trust is essential.

In Germany, the highest proportion of respondents willing to use embedded financial services from a mobility provider were found to be between the ages of 25-34 (45.1%), followed by adults between the ages 35-44 (38.1%), and finally younger adults between 18-24 (36.9%).

Chloe Mayenobe, chief growth officer at Solaris, observed: “The study results tie in with our previous market research and confirm our experience in the field. Interest from mobility providers for embedded finance has risen noticeably. We have already been able to close exciting partnerships in Europe. For many of these brands, understanding how to best leverage their ecosystem and build a profitable business case is a challenge. That is why this time we also looked at the question of whether certain brand attributes are promising and examined individual age groups.”

The study suggests that there is potential for growth in embedded finance initiatives with payment cards, as it reveals that 73% of consumers are inclined to buy from retailers if there is a loyalty program connected to their card. The main reasons consumers use a specific payment method are due to direct discounts (69%) and to gain points or promotions (56%).

10% of those surveyed in Germany, and 26% in Italy, reported that they were open to using a credit card from a mobility provider.

The report also explores the emergence of Banking-as-a-Service as a part of the evolution of embedded finance products, the expansion of e-commerce in Europe, and the rising significance of the data-sharing capabilities that embedded finance employs.

Earlier this year, Solaris launched a ‘women’s network’ to bridge the gender pay gap in the fintech sector.