New York, United States, September 29, 2021 (GLOBE NEWSWIRE) – Market Snapshot:
According to a comprehensive research report from Market Research Future (MRFR), âDigital payment market information by deployment, component, organization size and region – forecast to 2027The market will reach $ 120,245.9 million at a CAGR of 16.77% by 2025.
The global digital payment market is fragmented and also competitive for the presence of different international and domestic key players. These players have integrated innovative strategies to stay at the forefront and also meet growing customer demand, including collaborations, contracts, partnerships, joint ventures, geographic expansions and new product launches, etc.
The major key players in the covered digital payment market are:
- Aliant Payment Systems Inc. (US)
- PayU (Netherlands)
- Fiserv Inc. (United States)
- Aurus Inc. (United States)
- Novatti Group Limited (Australia)
- BlueSnap Inc. (United States)
- Stripe (United States)
- ACI Worldwide Inc. (United States)
- Global Payments Direct Inc. (United States)
- Adyen NV (Netherlands)
- PayPal funds
- Inc. (United States)
- First Data Corporation (United States)
- Wirecard AG (Germany)
- YapStone Inc. (United States)
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Drivers of the digital payments market
Increase government initiatives to drive market growth
The increasing government initiatives in different countries to promote digital payments will drive the market growth during the forecast period. Digital payments help fight tax fraud and keep money trails. The Indian government, for example, in 2015 launched the Digital India initiative after demonetization to encourage cashless transactions in the country.
Growing adoption of Open-Banking APIs to provide strong opportunities
The increasing adoption of open banking APIs will provide strong opportunities for the market during the forecast period. The open banking mechanism helps third-party service providers access customer financial information securely and in real time through APIs. Thanks to this approach, banks can offer their customers tailor-made financial products, including payment solutions.
Constraints and challenges
Lack of global standards to act as a market restriction
Lack of global standards, especially for cross-border payments, may act as a market restriction during the forecast period.
Browse the in-depth market research report (111 pages) on the Digital Payment industry:
Market segmentation covered by research:
The global digital payment market is segmented on the basis of component, deployment, organization size, and vertical.
By component, the solutions segment will dominate the market during the forecast period. The digital payment security and fraud management solutions integrate innovative security features such as tokenization and biometric authentication to reduce threats from chargebacks and scams.
By deployment, on-premises segment will dominate the market during the forecast period as on-premises deployment of digital payment solutions provides organizations with absolute control over systems and applications that can be easily managed by IT staff. the organization.
By organization size, large companies will spearhead the market during the forecast period.
By vertical, BFSI segment will hold the lion’s share of the market during the forecast period. An increase in remittances to middle and low income countries is likely to be a key factor in generating further significant growth opportunities during the forecast period.
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North America to spearhead the digital payment market
North America will lead the market during the forecast period and at a CAGR of 17.50%. The existence of a large number of providers of digital payment solutions, the expansion of the mobile commerce industry, the developed digital economy, the desire of customers, a reliable broadband and network infrastructure, the inclination for with the cashless payments and banking economy largely contributing to the higher rate of cashless transactions in the country, the growing deployment of smart parking meters, the technological improvements of these parking meters, the growing proliferation of smartphones enabling e-commerce, the increase in e-commerce sales, growth in internet penetration, preferred payment method being cash or debit / credit cards, presence of the world’s best financial institutions, user preference for online banking line for its policy and security, and the different strategies applied by digital payment providers adden t the growth of the global digital payment market in the region.
Asia-Pacific to experience admirable growth in digital payment market
The APAC region will experience admirable market growth during the forecast period. The increasing use of smartphones, the rapid growth of the e-commerce industry, the increase in disposable income and the favorable government policies are contributing to the growth of the digital payment market in this region. India and China collectively account for around 70% of the world’s e-wallet users.
Impact of COVID-19 on the global digital payment market
The global digital payments market is likely to thrive in industries such as online gaming, OTT media like Amazon Prime, YouTube and Netflix, online food delivery or grocery shopping apps like Doordash, Amazon , Instacart and video streaming and meeting applications like ZOOM Cloud Meetings, Skype, Huawei Cloud WeLink, in the first half of 2020, while industries like restaurants, theaters, malls / retail, travel and hospitality, airlines are facing a negative impact due to the COVID-19 epidemic. According to WHO recommendations, the Indian government has urged citizens to use contactless and non-cash payment methods such as BBPS, UPI, IMPS and NEFT and has also ensured the facilitation of remittances, l ‘purchase of services / goods and payment. of invoices. Due to COVID-19, there has been an increase in online / digital payment transactions in India. Most retailers and stand-alone stores have been forced to close their physical stores and sell exclusively through online channels.
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