Meticulous Research® has released an extensive report on the digital payment market, titled “Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size, and Geography—Global Forecasts to 2029.”

According to the report, the digital payment market is anticipated to reach $274.61 billion by 2029, growing at a compound annual growth rate (CAGR) of 16.6% from 2022 to 2029. This growth is driven by increased adoption of digital payment methods, government initiatives supporting digital transactions, and enhanced collaborations between banks and fintech companies to improve customer experience. The expansion of payment applications across various sectors and the rise of contactless payments also present significant opportunities for market growth. However, limited awareness of online payments in rural areas may somewhat hinder market progress.

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Market Segmentation:
• By Offering: The market is divided into solutions and services. In 2022, the solutions segment is expected to hold the largest market share. Factors such as rising smartphone usage in emerging economies, the adoption of mobile payment applications by businesses, and growing internet access are contributing to the segment's growth.

• By Payment Mode: The market includes digital wallets, banking cards, point of sale (POS), internet banking, and other payment modes. Digital wallets are projected to dominate the market in 2022. The global use of digital-wallet transactions saw a 7% increase in 2020, and digital wallets are expected to account for over half of all e-commerce payments worldwide by 2024, according to FIS and WorldPay.

• By End User: Segments include BFSI, retail, travel & hospitality, healthcare, IT & telecom, media & entertainment, and others. In 2022, the BFSI sector is projected to hold the largest share of the market, driven by the demand for digital remittances and enhanced banking offerings. The retail segment, however, is expected to experience the highest growth rate during the forecast period.

• By Organization Size: The market is segmented into large enterprises and small and medium-sized enterprises (SMEs). Large enterprises are expected to dominate in 2022 due to their significant transaction volumes and the need for advanced digital payment solutions. Their adoption of omnichannel approaches and integration of digital payments are key factors driving this segment.

• By Geography: The market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America is expected to lead the market in 2022, bolstered by strong financial resources, advanced technology investments, and a growing base of tech-savvy consumers.
Quick Buy – Digital Payment Market – Global Opportunity Analysis and Industry Forecast (2022-2029), Research Report: https://www.meticulousresearch.com/Checkout/93099245

Key Players:
Major players in the digital payment market include PayPal Holdings, Inc. (U.S.), Fiserv, Inc. (U.S.), FIS (U.S.), Block, Inc. (formerly Square, Inc.) (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.), Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc. (U.S.), JPMorgan Chase & Co. (U.S.), WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies, Inc. (U.S.).

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