JPMorgan sees Viva Wallet investment as building block in Europe

"It is fragmented in the sense that Europe is actually a region made up of lots of different languages, cultures and payment preferences," said Gareth Lodge, a senior analyst at Celent in London.

A debit card in one country is often different from those issued in most other countries, with different networks, pricing and positioning, Lodge said. "As such, Europe is really 20 markets or more rather than one, meaning getting scale requires patience, experience and deep pockets."