The market for digital payments worldwide was estimated to be worth USD 81.07 billion in 2021 and is anticipated to grow to USD 272.64 billion by 2029, recording a CAGR of 16.37% over the forecast period of 2022-2029. The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.
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Market Definition
A digital payment is an electronic payment made by one party to the other for purchasing goods and services. A digital payment results in debited the amount from the payer’s account and crediting the same amount to the payee’s account.
COVID-19 Impact on Digital Payment Market
The COVID-19 pandemic has benefited the expansion of the market and the post-pandemic period will continue to push forward the market growth rate. The pandemic phase has led to the widespread adoption of contactless payment systems, particularly e-wallets. Though the manufacturing industry was hit badly, the market for digital payments saw a rise in bill payments, Peer to Peer (P2P) transfers, and Customer to Business (C2B) payments during the lockdown period.
Recent Developments
- Fiserv will introduce EnteractSM, a brand-new cloud-based customer relationship management (CRM) platform for financial institutions, in November 2021. A Microsoft Azure-based integration framework offered by Enteract allows for real-time process integration across core banking, enterprise content management, and digital channels. It also synchronises consumer data with back-end systems.
- Virgin Money and Global Payments Inc. signed a contract in September 2021 to use Global Payments' distinctive two-sided network to give Virgin Money consumers access to industry-leading digital payment experiences worldwide.
- RealNet is a new cloud-based software as a service (SaaS) platform that will enable account-to-account (A2A) transactions for companies, individuals, and governments across real-time payment networks. RealNet was introduced by FIS in April 2021.
DIGITAL PAYMENT MARKET SEGMENTATION
Offering
- Solutions
- Payment Gateway Solutions
- Payment Processing Solutions
- Payment Wallet Solutions
- Payment Security and Fraud Management Solutions
- Point of Sale (POS) Solutions
- Services
- Professional Services
- Consulting
- Implementation
- Support and Maintenance
- Managed Services
Deployment Model
- On Premises
- Cloud
Organization Size
- Large Enterprises
- Small Medium Enterprises (SMEs)
Mode of Payment
- Payment Cards
- Point of Sale
- Unified Payments Interface (UPI) Service
- Mobile Payment
- Online Payment
Mode of Usage
- Mobile Application
- Desktop/Web Browser
Technology
- Application Programming Interface (API)
- Data Analytics and ML
- Digital Ledger Technology (DLT)
- AI and IoT
- Biometric Authentication
Use Case
- Person (P/C)
- Merchant/ Business
- Government
End User
- Commercial
- Consumer
BASIC QUESTIONS ASKED
- Which key product category dominates the Digital Payment Market?
- What problems do SMEs and well-known vendors in the Digital Payment Market face?
- What are the main driving forces behind the global Digital Payment Market?
- What potential does the market for digital payments have?
- What trends are present in this business?
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Digital Payment Market analysis report offers an examination of a range of segments that are relied upon to witness the quickest development amid the estimate forecast frame. A complete discussion about frequent market related topics in this industry report is sure to aid the client in studying the market on competitive landscape. The company profiles of all the key players and brands that are dominating the Digital Payment Market with moves like product launches, joint ventures, mergers and acquisitions which in turn is affecting the sales, import, export, revenue and CAGR values are mentioned in the report. Digital Payment Market report also presents suggestions about consumer’s demands, preferences, and their altering likings about particular product.
KEY MARKET COMPETITORS COVERED IN THE REPORT
- ACI Worldwide (U.S.)
- PayPal, Inc. (U.S.)
- Novatti Group Ltd (Australia)
- Global Payments Inc. (U.S.)
- Visa (U.S.)
- Stripe, Inc. (Ireland)
- Google, LLC (U.S.)
- Finastra. (U.K.)
- SAMSUNG (South Korea)
- Amazon Web Services, Inc. (U.S.)
- Financial Software Systems Pvt. Ltd. (U.S.)
- Aurus Inc. (U.S.)
- Adyen (Netherlands)
- Apple Inc. (U.S.)
- Fiserv, Inc. (U.S.)
- WEX Inc. (U.S.)
- wirecard (U.S.)
- Mastercard. (U.S.)
DIGITAL PAYMENT MARKET COUNTRY LEVEL ANALYSIS
- The countries covered in the Digital Payment Market report are
- U.S.
- Canada
- Mexico
- South Korea
- Australia
- Hong-Kong and the rest of Asia-Pacific
- Brazil
- Argentina
- Venezuela
- Colombia
- Ecuador
- Peru
- Uruguay
- Costa Rica
- Panama
- Dominican Republic and Rest of Latin America and Turkey.
MAJOR TOC OF THE REPORT
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Digital Payment Market: Regulations
- Market Overview
- Digital Payment Market, By Type
- Digital Payment Market, By Source
- Digital Payment Market, By Therapy
- Digital Payment Market, By Transporting Capacity
- Digital Payment Market, By Route of administration
- Digital Payment Market, By Region
- Digital Payment Market: Company Landscape
- SWOT Analyses
- Company Profile
Get TOC Details- https://www.databridgemarketresearch.com/toc/?dbmr=global-digital-payment-market
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