Digital Payments Global Market Report 2020-30: Covid 19 Implications and Growth
May 2020
200
About the Report
About the Report
Major players in the digital payments market are Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc., and MasterCard.
The global digital payments market is expected to grow from USD 3,885.6 billion in 2019 to about USD 5,439.8 billion in 2020. People are using digital payment options to avoid contact and spread of infection through direct cash handling, and also to adhere to social distancing to curb the spread of Covid-19. Due to closure of local market places and to avoid public gathering, people are preferring online purchase of essential supplies, which in turn is increasing the demand for the digital payments market. The market is expected to stabilize and reach USD 8,059.3 billion at a CAGR of 20% through 2023.
The digital payments market consists of all the transactions that take place across the digital media along with the product and services associated. Digital payments is a payment mode that uses digital medium such as the internet, cell phones and automated devices to send and receive money. It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money.
The global digital payments market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the digital payments market in 2019.
In July 2019 Fidelity National Information Services, Inc an American based international company that provides financial services technology and outsourcing services have acquired world pay for an amount USD 43 Billon. This acqusiation enchaces the global technology postion of FIS and also increase the company growth opprounties. It helps the FIS to serve its customers with new technology. World pay is a UK based technology provider and payment processing company.
The digital payments market covered in this report is segmetned by mode of payment into point of sale; online sale. It is also segmented by end-user industry into retail; banking and financial service; telecommunication; government; transportation; others.
Breach in security is expected to hinder the digital payments market globally. The increase in digitalization of payments has led to security breaches incurring loss to the merchants and customers as well. According to American Express digital payments survey in 2019, 8 of 10 respondents have said they experienced some type of fraud in their business. In 2018, a top airline carrier has experienced a security breach where the hackers have collected 244,000 credit card details. They have charged between USD 9 and USD 59 for each credit card details in dark web, generating an amount of USD 12.2 million. The threat of security thereby hinders the digital payments market.
Contactless payments technology is soaring up in the digital payments market. Many users are increasingly opting contactless payments technology such as mobile wallets, contactless cards and others as there more secure and convenient to use. Contactless payment technology uses Radio frequency identification (RFID) or Near Field communication (NFC) for transmission of amount among users. Black Friday sales of 2019 had an 82% rise in purchase made with mobile wallets compared to year 2018.
Quick on boarding and ease of use is expected to drive the digital payments market. Individuals require flexible, transparent and friction free on boarding. They are more attracted towards such methods which are friction less in nature and as a result software innovators such as square and PayPal are using automation for decreasing the on boarding time to a few minutes. Digital payments are very easy to use compared to the conventional methods as they only require bank account or phone number and a smart phone with internet facility. According to world pay 2018 report, usage of mobile payment accounted for 15%, credit and debit card accounted for 20 and 29% respectively, cash payments have accounted to 36 % which shows an increased usage of digital payments when compared to cash. The ease of adoption increases the number of users, thereby contributing to the growth of the market.
Products
Products
1) By Mode of Payment: Point of Sale; Online Sale; 2) By End-user Industry: Retail; Banking and Financial Service; Telecommunication; Government; Transportation; Others
Companies
Alipay; Amazon Pay; Apple Pay; Tencent; Google Pay; First Data; Paypal; Fiserv; Visa Inc.; MasterCard; Total System Services (TSYS); Novatti; Global Payments; Financial Software & Systems; Worldline; BlueSnap; Net 1 UEPS Technologies; Wirecard; ACI Worldwide; Worldpay (Vantiv); Aurus Inc; Chetu; Paysafe; PayU; Yapstone; Adyen
Table of Contents
Table of Contents
1. Executive Summary
2. Digital Payments Market Characteristics
3. Digital Payments Market Size And Growth
3.1. Global Digital Payments Historic Market, 2015-2019, USD Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Digital Payments Forecast Market, 2019-2023F, 2025F, 2030F, USD Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Digital Payments Market Segmentation
4.1. Global Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Point of Sale
Online Sale
4.2. Global Digital Payments Market, Segmentation By End-user Industry, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Retail
Banking and Financial Service
Telecommunication
Government
Transportation
Others
5. Digital Payments Market Regional And Country Analysis
5.1. Global Digital Payments Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
5.2. Global Digital Payments Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
6. Asia-Pacific Digital Payments Market
6.1. Asia-Pacific Digital Payments Market Overview
6.2. Asia-Pacific Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
7. China Digital Payments Market
7.1. China Digital Payments Market Overview
7.2. China Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F,USD Billion
8. India Digital Payments Market
8.1. India Digital Payments Market Overview
8.2. India Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
9. Japan Digital Payments Market
9.1. Japan Digital Payments Market Overview
9.2. Japan Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
10. Australia Digital Payments Market
10.1. Australia Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
11. Indonesia Digital Payments Market
11.1. Indonesia Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
12. South Korea Digital Payments Market
12.1. South Korea Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
13. Western Europe Digital Payments Market
13.1. Western Europe Digital Payments Market Overview
13.2. Western Europe Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
14. UK Digital Payments Market
14.1. UK Digital Payments Market Overview
14.2. UK Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
15. Germany Digital Payments Market
15.1. Germany Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
16. France Digital Payments Market
16.3. France Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
17. Eastern Europe Digital Payments Market
17.1. Eastern Europe Digital Payments Market Overview
17.2. Eastern Europe Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
18. Russia Digital Payments Market
18.1. Russia Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
19. North America Digital Payments Market
19.1. North America Digital Payments Market Overview
19.2. North America Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
20. USA Digital Payments Market
20.1. USA Digital Payments Market Overview
20.2. USA Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
21. South America Digital Payments Market
21.1. South America Digital Payments Market Overview
21.2. South America Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
22. Brazil Digital Payments Market
22.1. Brazil Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
23. Middle East Digital Payments Market
23.1. Middle East Digital Payments Market Overview
23.2. Middle East Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
24. Africa Digital Payments Market
24.1. Africa Digital Payments Market Overview
24.2. Africa Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
25. Digital Payments Market Competitive Landscape And Company Profiles
25.1. Digital Payments Market Competitive Landscape
25.2. Digital Payments Market Company Profiles
25.2.1. Alipay
25.2.1.1. Overview
25.2.1.2. Products and Services
25.2.1.3. Strategy
25.2.1.4. Financial Performance
25.2.2. Amazon Pay
25.2.2.1. Overview
25.2.2.2. Products and Services
25.2.2.3. Strategy
25.2.2.4. Financial Performance
25.2.3. Apple Pay
25.2.3.1. Overview
25.2.3.2. Products and Services
25.2.3.3. Strategy
25.2.3.4. Financial Performance
25.2.4. Tencent
25.2.4.1. Overview
25.2.4.2. Products and Services
25.2.4.3. Strategy
25.2.4.4. Financial Performance
25.2.5. Google Pay
25.2.5.1. Overview
25.2.5.2. Products and Services
25.2.5.3. Strategy
25.2.5.4. Financial Performance
26. Key Mergers And Acquisitions In The Digital Payments Market
27. Digital Payments Market Trends And Strategies
28. Digital Payments Market Future Outlook and Potential Analysis
29. Appendix
29.1. Abbreviations
29.2. Currencies
29.3. Research Inquiries
29.4. The Business Research Company
29.5. Copyright And Disclaimer
List of Figure
Figure 1: Global Historic Market Growth, 2015-2019, USD Billion
Figure 2: Global Forecast Market Growth, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 3: Global Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 4: Global Digital Payments Market, Segmentation By End-user Industry, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 5: Global Digital Payments Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 6: Global Digital Payments Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 7: Asia-Pacific, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 8: China, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 9: India, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 10: Japan, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 11: Australia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 12: Indonesia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 13: South Korea, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 14: Western Europe, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 15: UK, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 16: Germany, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 17: France, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 18: Eastern Europe, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 19: Russia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 20: North America, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 21: USA, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 22: South America, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 23: Brazil, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 24: Middle East, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 25: Africa, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 26: Alipay Financial Performance
Figure 27: Amazon Pay Financial Performance
Figure 28: Apple Pay Financial Performance
Figure 29: Tencent Financial Performance
Figure 30: Google Pay Financial Performance
List of Table
Table 1: Global Historic Market Growth, 2015-2019, USD Billion
Table 2: Global Forecast Market Growth, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 3: Global Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 4: Global Digital Payments Market, Segmentation By End-user Industry, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 5: Global Digital Payments Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 6: Global Digital Payments Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 7: Asia-Pacific, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 8: China, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 9: India, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 10: Japan, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 11: Australia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 12: Indonesia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 13: South Korea, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 14: Western Europe, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 15: UK, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 16: Germany, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 17: France, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 18: Eastern Europe, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 19: Russia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 20: North America, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 21: USA, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 22: South America, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 23: Brazil, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 24: Middle East, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 25: Africa, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 26: Alipay Financial Performance
Table 27: Amazon Pay Financial Performance
Table 28: Apple Pay Financial Performance
Table 29: Tencent Financial Performance
Table 30: Google Pay Financial Performance
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