Digital Payment Market Size, Segments, Competitors Strategy, Regional Analysis and Growth by Forecast to 2027


Posted April 19, 2021 by ketanwagh15

Global Digital Payment Market Research Report: By Component (Solution and Services), By Deployment, By Organization Size, By Vertical - Forecast till 2027
 
Market Overview

The global digital payment market is expected to exhibit a robust 16.77% CAGR over the forecast period from 2019 to 2025, 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 120.2 billion, rising at a strong growth trajectory. The 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.

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Digital payment comprises a cashless form of transaction made by digitally transferring the money from the payer’s account to the payee’s account. The field of digital payment has come on really strongly over the last decade due to the rapid advancements in cashless payment technology. Consumers from various walks of life now prefer making cashless payments from cards or mobile platforms, as it allows them to go out without having to carry cash, which can be cumbersome and risky. Cash is easier to steal than cards or mobile phones, which has made cashless digital payments a hit with customers of various kinds. Increasing adoption of digital payment platforms by selling enterprises has allowed widespread adoption of digital payment channels all over the world. This is likely to be a major driver for the global digital payment market over the forecast period.

The growing ecommerce and retail sector is likely to remain a major driver for the digital payment market over the forecast period. Acknowledging the growing popularity of ecommerce, many conventional stores and enterprises have adopted digital selling channels in the last few years, resulting in growing adoption of ecommerce technology. This has been a major driver for the digital payment market over the last few years. Growing adoption of ecommerce in the BFSI sector is also likely to be a major driver for the global digital payment market over the forecast period.

Competitive Leaderboard:

Leading players in the global Digital Payment Industry 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.

Regional Analysis:

North America is expected to dominate the global digital payment market over the forecast period due to the large presence of solution providers in the region.

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Segmentation:

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.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Last Updated April 19, 2021