Digital payment is the process of transferring money through electronic modes. In recent years, the technology has gained quick mileage owing to its benefits over the cash transactions. Market Research Future (MRFR)’s assessment unfolds that the global digital payment market is supposed to strike 16.77% CAGR over the evaluation period. Also, the estimated valuation of the market is supposed to reach USD 120,245.9 Mn by 2025 from USD 40,633.3 Mn in 2018.
The governments are providing support to digitize the payment processes. Increasing focus on cashless economy and is large-scale adoption is expected to drive the growth of the digital payment market in the years to come. Also, the use of electronic modes for transfer of funds eliminates the task of withdrawing and carrying cash. The tech-savvy generation is a major user of the digital solutions. The increasing young population is anticipated to lead the expansion of the market. In addition, the availability of data services at an affordable cost is projected to have a major influence on the proliferation of the digital payment services market in the near future. Organizations are developing new and advanced products to facilitate a safe and secure transaction with maximum convenience. However, the security concerns associated with electronic modes remain an impediment to growth of the digital payment market.
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PayU (Netherland), Aurus Inc. (US), Aliant Payment Systems Inc. (US), Fiserv, Inc. (US), Novatti Group Limited (Australia), BlueSnap Inc. (US), ACI Worldwide, Inc. (US), Adyen NV (Netherland), Stripe (US), Global Payments Direct, Inc. (US), Wirecard AG (Germany), PayPal Holdings, Inc. (US), First Data Corporation (US), Worldpay, Inc. (US), and YapStone, Inc. (US) are some of the notable players of the global digital payment market.
On the basis of component, the global digital payment market has been segmented into solution and services.
The segments of the digital payment application market, on the basis of deployment, are cloud and on-premise.
The division of the digital payment market, based on organization size, is large enterprise and Small & Medium Enterprises (SMEs).
On the basis of vertical, the digital payment market has been segmented into BFSI, IT & telecommunication, media & entertainment, hospitality, retail & e-commerce, healthcare, and others.
The regional evaluation of the global Digital Payment Market has been covered in this report. The regional segments profiled are – South America, Asia Pacific, North America, the Middle East & Africa (MEA), and Europe. North America, reflecting a CAGR of 17.50% over the forecast period, is anticipated to dominate the global market place. It is projected to earn a decent valuation by 2025 up from USD 13,864.1 Mn in 2018. The adoption of cutting-edge technologies in the region is expected to unleash growth potential in the digital payment market. It is also expected to benefit from the growth of tech startups in the region. Asia Pacific has also shown a remarkable growth rate in recent times. It is expected to exhibit similar growth pattern in the near future.
In December 2019, China has announced that its central bank, the People’s Bank of China (PBC), is endeavoring to roll out its own Digital Currency Electronic Payment (DCEP).
In December 2019, Google, a multinational technology company, has asked the Federal Bank, the U.S., to replicate India’s UPI platform for interbank digital transactions.
In December 2019, WAYV and Hypur have announced the launch of digital, compliant payments solution for the cannabis supply chain.
In November 2019, Razorpay, India’s first converged payments solution company, has announced the launch of corporate credit card for SMEs and startups. It has also activated digital payments for entrepreneurs and freelancers.
LIST OF TABLES
Table 1 Global Digital Payment Market, By Region, 2017–2023
Table 2 North America: Digital Payment Market, By Country, 2017–2023
Table 3 Europe: Digital Payment Market, By Country, 2017–2023
Table 4 Asia-Pacific: Digital Payment Market, By Country, 2017–2023
Table 5 Middle East & Africa: Digital Payment Market, By Country, 2017–2023
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LIST OF FIGURES
FIGURE 1 Global Digital Payment Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Digital Payment Market
FIGURE 4 Value Chain Of The Global Digital Payment Market
FIGURE 5 Share Of The Global Digital Payment Market, By Country, 2017 (In %)
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