According to the latest IMARC Group report, entitled “Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026, “the Global digital payment market reached a value of US $ 56.43 billion in 2020. Going forward, IMARC Group expects the global market to grow at a CAGR of 20.3% during the period 2021-2026.
Like the new coronavirus (COVID-19[FEMALE)[FEMININE) as the crisis takes hold of the world, we are constantly monitoring changes in the markets, as well as the purchasing behaviors of consumers around the world – our estimates on the latest market trends and forecast values after considering the impact of this pandemic. These observations will be incorporated into the report.
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Digital payment is a secure payment method that works over the Internet or mobile channels without the intervention of a physical exchange of money. Payment information is stored in a merchant-specific database which is available to both consumers and merchants, allowing efficient tracking of transactions. Some of the commonly available digital payment methods include bank cards, mobile wallets, and internet banking. Compared to traditional payment methods, digital payments are more convenient and flexible, and reduce geographic barriers. These reliable solutions process transactions through secure gateways, which allow users to pay directly from their bank accounts.
Market trends and drivers:
The global digital payment market is primarily driven by the ease of access to broadband internet, especially in developing economies. This is further catalyzed by the introduction of the 5G network and the increase in smartphone sales. In addition, governments in various countries are increasingly taking initiatives to promote cashless transactions. This, along with the sudden outbreak of the Coronavirus Disease (COVID-19) pandemic, is acting as a major growth driver as digital payment options are contactless, which in turn dramatically reduces risk. spread of the virus. Other factors, such as the widespread adoption of artificial intelligence (AI) and blockchain technology and the increase in mobile payment options, are creating a positive outlook for the market.
Competitive analysis and segmentation of the digital payment market 2021-2026:
Competitive landscape with key players:
The competitive landscape of the digital payment market has been studied in the report along with the detailed profiles of the major players operating in the market.
Some of these key players include:
- ACI World Inc.
- Wirecard SA
- Paypal Holdings Inc.
- American Express Company
- Apple Inc.
- Amazon.com Inc.
- Visa inc.
- Total System Services Inc.
- Aliant Payment Systems Inc.
- Embedded Mastercard
Key market segmentation:
The report has segmented the global digital payment market on the basis of component, payment method, type of deployment, end-use industry, and region.
Breakdown by component:
- Application program interface
- Payment gateway
- Payment processing
- Payment security and fraud management
- Transaction risk management
- Professional services
- Managed Services
Breakdown by payment method:
- Bank cards
- Digital currencies
- Digital wallets
- Net Banking
Breakdown by type of deployment:
Breakdown by end-use sector:
- Health care
- IT and Telecom
- Media and entertainment
- Retail and e-commerce
Breakdown by region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Explore the full report with table of contents and list of figures: https://www.imarcgroup.com/digital-payment-market
Highlights of the report:
- Market performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- The impact of COVID-19 on the global market
- Value chain analysis
- Global market structure
- Complete mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as part of the customization.
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