India – March 16, 2022 —
Digital Payment Market Research Report- Forecast till 2030
The global digital payment market is expected to exhibit a robust 14.83% CAGR over the forecast period from 2020 to 2030, according to the latest research report from Market Research Future (MRFR). The global digital payment market was valued at USD 40.6 billion in 2018, revealing the strong position the market already holds. Over the forecast period, the market is expected to bounce to a robust valuation of USD 287.56 Billion, rising at a strong growth trajectory. The global digital payment market is studied in great detail in the report, which includes a detailed analysis of the market’s historical growth trajectory and present condition. Major trends operating in the global digital payment market are examined in the report. Based on this information, accurate and reliable projections for the market’s likely growth trajectory over the forecast period till 2023 are presented in the report. Leading drivers and restraints operating on the global digital payment market are examined in the report. The impact of these major drivers and restraints on the global digital payment market is examined in detail in the report. Thus, the major factors enabling the market’s growth are enlisted and profiled in the report. Leading players operating in the global digital payment market are also profiled in the research report. The competitive landscape of the global digital payment market is thus examined in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global digital payment market.
Various factors are propelling the global digital payment market share. According to the recent MRFR market estimates, such factors include the burgeoning demand for cashless payment over cash, greater convenience, evolving consumer behavior, favorable government policies, growing awareness about the benefits of digital payment, safe and reliable, rising penetration of the internet, increasing use during COVID-19 pandemic, and proliferation of smartphones. Additional factors adding market growth include significant government initiatives to promote digital payment, expansion of the e-commerce industry, increase in customer-centric payment applications, seamless technological integration across e-wallets and mobile banking, and rising focus on omni-channel payment mode.
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The global digital payment market is segmented on the basis of component, deployment, organization size, vertical, and region.
By component, the global digital payment market is segmented into solutions and services.
By deployment, the global digital payment market is segmented into cloud and on-premise.
By organization size, the global digital payment market is segmented into large enterprises and SMEs.
By end use vertical, the global digital payment market is segmented into BFSI, media and entertainment, IT and telecom, hospitality, healthcare, retail and ecommerce, and others.
By region, the digital payment market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), South America, & the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period. In 2018, it was valued at USD 15.8 billion. The presence of several digital payment solution providers, the presence of developed digital economy, spreading of the mobile commerce industry, banking economy, inclination for cashless payments, reliable network infrastructure and broadband, and customer willingness are adding to the global digital payment market growth in the region.
In the APAC region, the digital payment market is predicted to have healthy growth over the forecast period. The proliferation of digitalization from government initiatives to use digital payments in developing countries, increase in SMEs, expanding consumer base, and the growing e-commerce industry are adding to the global digital payment market growth in the region.
In Europe, the digital payment market is predicted to have sound growth during the forecast period, and in South America, & the MEA is predicted to have steady growth over the forecast period.
Leading players in the global digital payment market include YapStone Inc., Wirecard AG, Worldpay Inc., PayPal Holdings Inc., First Data Corporation, Global Payments Direct Inc., Adyen NV, Stripe, ACI Worldwide Inc., Novatti Group Ltd., BlueSnap Inc., Fiserv Inc., Aurus Inc., Aliant Payment Systems Inc., and PayU.
In July 2019, Fiserv, Inc. launched mobile bill presentment, which allows clients to digitally present a customer’s bill in a mobile wallet, while also supporting alerts and notifications that increase payment speed by reminding the customer to pay their bills early or on time.
In July 2019, Wirecard announced a partnership with YES BANK, which will expand the scope of India’s Aadhaar Enabled Payment System, a biometric digital payment system developed by the National Payments Corporation of India.
In June 2019, BlueSnap announced the availability of its new product—Integrated Payments for Platforms—in Europe, which provides embedded payments for independent software vendors and gives European-based ISVs the ability to scale and monetize their businesses with a single payment provider.
In June 2019, PayU acquired iyzico—a digital payment services provider and FinTech start-up in Turkey. The acquisition will allow the company to consolidate its position as a leader in the payments space and accelerate scale and efficiency.
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Digital Payment Market Research Report: By Component (Solution and Services), By Deployment (Cloud and On-Premise), By Organization Size (Large Enterprise and Small & Medium Enterprises (SMEs)), By Vertical (BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce and others) – Forecast till 2030
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