Digital Payment Market Research Report- Forecast till 2023
Market Highlights
The global digital payment market size will touch USD 120,245.9 million at a 16.77% CAGR between the forecast period 2019- 2025, according to the new Market Research Future (MRFR) analysis. Digital payment, simply put, is a process where the payee and payer use electronic modes to receive and send money. This mode of transaction is cashless. The payment is made through contactless and contact payment, bank cards, net banking, digital currencies, and digital wallets at points of sale. Some of the key advantages of digital payment include traceability, user-friendliness, time-saving, lower risk, accessibility, and convenience.
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.
On the contrary, the application of extra charges, and the rise in cybercrimes and financial frauds are factors that may impede the global digital payment market sales and revenue over the forecast period.
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Segmentation:
The MRFR report highlights an inclusive segmental analysis of the global digital payment market based on vertical, organization size, deployment, and component.
By component, the global digital payment market is segmented into services and solutions.
By deployment, the global digital payment market is segmented into on-premise and cloud. Of these, the on-premise segment will lead the market over the overcast period.
By organization size, the global digital payment market is segmented into large enterprises and small and medium enterprises (SMEs). Of these, the large enterprise will dominate the market over the forecast period.
By vertical, the global digital payment market is segmented into hospitality, healthcare, media and entertainment, retail and e-commerce, IT and telecommunication, BFSI, and others. Of these, the BFSI segment will spearhead the market over the forecast period.
Regional Analysis
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.
Key Players
Key contenders profiled in the global digital payment industry report include YapStone, Inc. (US), Wirecard AG (Germany), Worldpay, Inc. (US), PayPal Holdings, Inc. (US), First Data Corporation (US), Global Payments Direct, Inc. (US), Adyen NV (Netherland), Stripe (US), ACI Worldwide, Inc. (US), Novatti Group Limited (Australia), BlueSnap Inc. (US), Fiserv, Inc. (US), Aurus Inc. (US), Aliant Payment Systems Inc. (US), and PayU (Netherland).
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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 2027
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