Digital Payment Market is estimated to grow at a CAGR of 15.4% from 2021 to 2028
"The latest Digital Payment Market study offers an all-inclusive analysis of the major strategies, corporate models, and market shares of the most noticeable players in this market. The study offers a thorough analysis of the key persuading factors, market figures in terms of revenues, segmental data, regional data, and country-wise data. This study can be described as most wide-ranging documentation that comprises all the aspects of the evolving Digital Payment Market.
The digital payment market is expected to grow from US$ 89,045.67 million in 2021 to US$ 243,426.71 million by 2028; it is estimated to grow at a CAGR of 15.4% from 2021 to 2028.
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Major Key players covered in this Digital Payment Market report-
ACI WORLDWIDE, INC
Adyen
Financial Software & Systems Pvt. Ltd.
Fiserv, Inc.
Global Payments Inc.
Novatti Group Ltd
PayPal Holdings, Inc.
Paysafe Limited
Block, Inc.
PayU
The global digital payment market is expected to grow during the forecast period due to the increasing prevalence of smartphones enabling the expansion of mCommerce. The way people access the internet has a direct impact on the growth of mobile commerce. Users prefer smartphones over PCs for internet surfing as smartphones are more affordable, and high-speed internet is no longer a premium infrastructure in many countries. Retailers develop shopping applications that have easy-to-browse catalogs and a simple checkout experience. The fact that customers are intrinsically tied to their mobile phones is not missed by bankers and payment service providers. Banks provide banking apps that allow transactions to be completed on a mobile device's screen.
Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments. Furthermore, difference between physical and digital commerce is dissolving, and channels are converging increasingly. The in-store purchase experience has shifted significantly closer to the online one due to the strong emphasis on contactless payments during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well-established in a few regions. Touchless payments and/or biometric identification are prevalent in the online purchase experience. The contactless card is the most prevalent kind of touch-free payment. Mobile payments, on the other hand, are gaining popularity due to easy use and the growing popularity of original equipment manufacturer (OEM) Pay solutions as a retail payment method. In a few countries, retailers and governments proactively request the customers to increase contactless payments and encourage retailers to make this possible. Many banks have increased their contactless payment limits to reduce the need for a touchpad or cash at the point of sale. All these factors drive the growth of the digital payment market.
The scope of the Digital Payment Market Report:
The research report focuses on the current market trends, opportunities, future potential of the market, and competition in the Digital Payment in North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The study also provides market insights and analysis of the Digital Payment, highlighting the technological market trends, adoption rate, industry dynamics, and competitive analysis of major players in the industry.
MARKET SEGMENTATION-
Digital Payment Market – by Component
Solution
Service
Digital Payment Market – by Organization Size
SMEs
Large Enterprise
Digital Payment Market – by Deployment
On-Premises
Cloud-based
Digital Payment Market – By End User Industry
BFSI
Retail and Ecommerce
Healthcare
Travel and Hospitality
Media and Entertainment
IT and Telecom
Others
The segmentation in this research study has been finalized post in-depth secondary research and extensive primary research. In addition, the market is also segmented on the basis of products offered by the leading participants in the industry in order to understand widely used market specific terminologies. Thus, we have incorporated the segments of the research and have finalized the market segmentation.
Major highlights of the report:
All-inclusive evaluation of the parent market
Evolution of significant market aspects
Industry-wide investigation of market segments
Assessment of market value and volume in past, present, and forecast years
Evaluation of market share
Tactical approaches of market leaders
Lucrative strategies to help companies strengthen their position in the market
Digital Payment Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
