digital payment market Overview Highlighting Major Drivers, Trends, Growth and Demand Report 2020- 2028

digital payment market

The Global digital payment market Research Report published by  Emergen research has been formulated by analysis of key business details and extensive geographical spread of the digital payment industry. The study offers comprehensive coverage of the qualitative and quantitative analysis of the digital payment market along with crucial statistical data about the digital payment market. The research study provides historical data from 2017 to 2018 and offers accurate forecast estimation until 2028. The report also profiles established and emerging players of the market, covering the business overview, product portfolio, strategic alliances, and business expansion strategies.

Factors driving steady market revenue growth include rising Internet proliferation and growth of e-commerce sector. According to the International Telecommunication Union (ITU), in 2019, over 4 Billion individuals (51% of the global population) had access to the Internet, an increase of 8.1% from the previous years. Rising Internet proliferation has been pivotal in spurring growth of e-commerce sales, which in turn, is driving demand for digital payment methods such as digital wallets as a means to a secure, convenient, and fast payment method for e-commerce customers. Digital wallet enables a pleasant and improved online shopping experience by eliminating complications in checkout processes, which are the primary reasons behind shoppers abandoning their shopping carts. Additionally, digital wallets are also beneficial in enhancing customer loyalty, thereby encouraging e-commerce service providers to integrate digital wallets in their digital payments options.

Rising Internet proliferation and growth of e-commerce are key factors driving global digital payment market growth          

digital payment  Market Size – USD 79.22 Billion in 2020, Market Growth – at a CAGR of 13.3%, Market Trends – Growing preference for contactless payments

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Emergen Research has segmented the global digital payment market on the basis of offering, organization size, mode of deployment, industry vertical, and region:

Offering Outlook (Revenue, USD Billion; 2018–2028)

  • Solutions
    1. Payment Gateway Solutions
    2. Payment Wallet Solutions
    3. Payment Processing Solutions
    4. Payment Security & Fraud Management Solutions
    5. Point of Sale Solutions
  • Services
    1. Professional Services
    2. Managed Services

Organization Size Outlook (Revenue, USD Billion; 2018–2028)

  • Large Enterprise
  • Small & Medium-sized Enterprises

Mode of Deployment Outlook (Revenue, USD Billion; 2018–2028)

  • On-Premises
  • Cloud

Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)

  • BFSI
  • Healthcare
  • Retail
  • Transportation & Logistics
  • Travel & Hospitality
  • Media & Entertainment
  • Others

Some Key Highlights from the Report

In February 2021, Mastercard in collaboration with Fibank launched MyFin, which is a digital wallet for online payments and fast money transfers. MyFin delivers advanced features enabling peer-to-peer money transfer using payment links.

Digital payment security and fraud management solutions incorporate innovative security features, such as biometric authentication and tokenization to help lessen the threats associated with scams and chargebacks. A digital wallet, such as Alipay, deploys tokenization and advanced customer authentication to provide higher rates of transaction approval than other payment methods. Thus, digital payments, by delivering enhanced payment flexibility allows businesses to protect their revenue by preventing customer churn arising from insufficient at the time of making a purchase.

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Large enterprises provide multiple digital payment options to improve their customer experience. Enterprise digital wallets are evolving as a cheaper, convenient, and secure payment method. Retail giants such as Walmart, Amazon, Kroger, and Alibaba have their enterprise digital wallets to provide the benefit of direct payments by customers and remove payment card intermediaries.

Digital payment market revenue in Asia Pacific is expected to register the fastest CAGR during the forecast period, attributed to increasing use of smartphones and rapid growth of e-commerce industry. Additionally, rising disposable income and favorable government policies to boost digital economy is expected to support market growth in the region. China and India collectively account for about 70% of e-wallet users worldwide.

Key players in the market include Mastercard Inc., Fiserv Inc., Visa Inc., JPMorgan Chase & Co., PayPal Holdings Inc., Intuit Inc., Global Payments Inc., Stripe, PayU, and ACI Worldwide Inc.

The report offers a comprehensive overview of the competitive landscape and covers company profiles, production and manufacturing capacity, product portfolio, expansion strategies, and business initiatives such as mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches and brand promotions among others.

Report Overview 
1.1 Research Scope
1.2 Key digital payment market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline

Global Growth Trends 
2.1 Global digital payment market size
2.2 Latest digital payment market trends
2.3 Key growth trends

Competitive Landscape 
3.1 Global digital payment market key players
3.2 Global digital payment size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the digital payment market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances

Regional Overview:

The global digital payment market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global digital payment market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.

Key questions addressed in the report:

What are the key factors driving the global digital payment market?

Who are the key manufacturers in this market space?

Who are the distributors, traders and dealers of this market?

What are the market opportunities and risks affecting the performance of the vendors in the global digital payment market?

What are the sales and revenue estimations for the top manufacturers in this market over the projected timeline?

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