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Digital Payment Market Trend, Forecast, Drivers, Restraints

  • The global digital payment market size is expected to reach USD 215.88 Billion at a steady CAGR of 13.3% in 2028, according to latest analysis by Emergen Research. 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.

    To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/digital-payment-market

    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.
    • 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.

    Scope of the Report:

    With all the data gathered and analyzed using SWOT analysis, there was a clearer picture of the competitive landscape of the global Digital Payment provider market. Sources for the future market growth were uncovered and outlying competitive threats also surfaced. There was strategic direction eminent in the market and this shows in the key trends and developments studied. By getting market background and using current norms, policies, and trends of other leading markets for cross-references, market data was completed.

    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.

    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

    The report addresses the following key points:

    • The report provides a forecast of Digital Payment market drivers, restraints, and future opportunities for the Digital Payment market
    • The report further analyses the changing market dynamics
    • Regional analysis and segmentation of the Digital Payment market with analysis of the regions and segments expected to dominate the market growth
    • Extensive competitive landscape mapping with profiles of the key competitors
    • In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
    • Revenue forecast, country scope, application insights, and product insights

    Thank you for reading our report. Customization of the report is available. To know more, please connect with us, and our team will ensure the report is customized as per your requirements.

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