Digital Payment Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - ICT
Report Code - OMR-ICT-175
Format: PDF, PPT, and Excel
Digital Payment Market to Experience 20.4% CAGR Growth During Forecast, E-Commerce Websites and Expanding Younger Population to Fuel Market Growth
When a digital payment is made, no currency is exchanged for the purchased products or services. This transaction, also known as an electronic payment (e-payment), entails the interchange of monetary value between two parties using digital instruments such as mobile phones, computers, credit, debit, or prepaid cards.
Due to COVID-19, the market for digital payment systems has expanded. A computerized transaction system has supplanted face-to-face currency exchange due to pervasive curfews and stringent government control. Cashless transactions and online services have helped people maintain a safe distance from one another to prevent the spread of disease.
Key Takeaways of the Digital Payment Market
By Service
In 2022, the payment processing industry dominated the global revenue market. As the global prevalence of online purchasing increases, merchants are under increasing pressure to offer secure transaction processing methods.
By Mode of Payment
The point-of-sale systems will be responsible for the largest market share during the forecast period. Typically, retail establishments use point-of-sale systems to track consumer purchases. Among the benefits of these systems are a faster purchasing process, a more personalized browsing experience, and more payment options.
By End Use
During the forecast period, the retail and e-commerce sector is anticipated to acquire the largest share of the economy. With contactless payments, customers gain conveniences such as shorter waits for merchandise and eliminating the need to transport large quantities of currency.
By Region
Asia-Pacific, specifically India, and Japan, is anticipated to experience the most rapid growth in digital payment services. Mobile payment methods and electronic wallets are anticipated to be utilized more frequently in APAC than in other regions. Due to their enormous populations, India and China have tremendous growth potential for the digital payment industry.
Widening Mobile Utilization and Intense Competition Among Players to Fuel Market Growth
In recent years, Samsung Pay, Google Pay, Alipay, and Apple Pay have all gained significant market share. These companies have invested substantial resources in developing cutting-edge technology and expanding their product lines to digital payment systems. Alibaba, a Chinese e-commerce company, developed Alipay to facilitate vendor-to-customer payments to expedite their operations and increase consumer engagement.
The ubiquity of cell phones, speedier Internet connections, and digital interfaces have increased the demand for real-time transaction systems. The market for digital compensation stands to gain from this need. Customers expect an increasingly simplified and streamlined digital purchasing experience. Better usability and adaptability are propelling the global expansion of the industry.
Increasing Convenience and Rising Adoption by Gen-Z to Spice Market Demand
Non-cash payment options are rapidly acquiring popularity among consumers because they are more convenient than traditional bank transfers. In light of this, asset-light alternatives such as QR codes and inexpensive terminals are anticipated to grow swiftly throughout the next several years. 32% of smartphone wallet customers worldwide possess three or more mobile payment systems like Google Pay, Apple Pay, and many others preloaded on their handsets, citing the latest data from FIS PACE.
Increasingly, Generation Z requires a personalized, flexible, and highly relevant consumer encounter. The expanding demand for enhanced user experiences is a significant factor in the expansion of enterprises. As payment options evolve, the competition to provide a superior consumer experience is intensifying. Using these instruments, suppliers may interact with their clients. This is one of the biggest and most promising segments of the online payment market's accelerated expansion.
Global Digital Payment Market Prominent Players
• Visa Inc. (U.S.)
• Alipay.com Co Ltd (China)
• Amazon.com Inc. (U.S.)
• Alphabet Inc. (U.S.)
• Samsung Electronics Co. Ltd. (South Korea)
• PayPal Holdings Inc. (U.S.)
• Global Payments Inc. (U.S.)
• Wirecard (Germany)
• Authorize.net (U.S.)
• ACI Worldwide, Inc. (U.S.)
• Paytm (India)
• ACI Worldwide, Inc. (Australia)
• Alphabet Inc. (U.S.)
Report Scope for Digital Payment Market
Services
• API
• Payment Gateway
• Payment Processing
• Payment Security & Fraud Management
• Others
Payment Mode
• Mobile Payment
o Proximity
o Remote
• Digital Currency
• Net Banking
• Digital Wallets
• Point of Sales
o Credit Cards
o Debit Cards
o Others
• Others
Deployment
• Cloud
• On-Premise
End Use
• BSFI
• Healthcare
• IT & Telecom
• Media & Entertainment
• Retail & E-Commerce
• Consumer Electronics
• Others
Digital Payment Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Latin America
o Argentina
o Brazil
o Rest of Latin America
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