The proliferation of global digitalization has led to a significant impact on the Payments Market Growth Rate. The use of the internet has enabled merchants to offer their services for the payment market. The increase in need providing the enhanced customer supported with the use of a Point of Sales (POS) services and it is expected to further drive the use of digital payment systems over the upcoming years.
The secured payment solutions are considered to be a safer and dependable mode of payment than the traditional methods as they help in eliminating the risk of theft & mitigating the losses. The payment market is expected to witness significant growth over the forecast period owing to payment solutions offering numerous benefits over the traditional payment methods, associated to ease of accessibility and convenience to users. The demand for payment solutions is further expected to grow over the forecast period owing to an increasing focus on omnichannel payment mode and an increase in the number of customer-centric payment applications. The use of digital payment features agile, real-time, and personalized transaction services. It involves the use of blockchain, mobile wallets, and Application Program Interface (API) technologies. The payment features agile, real-time, and personalized transaction services. It involves the use of blockchain, mobile wallets, and Application Program Interface (API) technologies.
Some of the key companies operating in the payment market include Key players operating in the digital payment market include ACI Worldwide, Kabbage, MoneyGram, Adyen, Amazon, American Express, Apple, Paymentus, PayPal, Bank of America, Braintree, Citi, SF Systems, Square, Diebold Nixdoif, Discover, Earthport, Elavon, EVO, Facebook, First Data, Fiserv, FIS, Global Payments, Goldman Sachs, Google, Green Dot, Honda, Ingenico, Intuit, Macy’s, JPMorgan Chase, NatWest, Oracle, Rambus, Remitly, Samsung, SiriusXM, Stripe, Synchrony Financial, The Clearing House, Target, Tipalti, Toast, Transfast, TSYS, Mastercard, MICROS, Velum, Verifone, Bento for Business, Capital One, Vocalink, Visa, Walmart, Wells Fargo, WePay, NICE, NCR, Western Union, Ria, Xoom, Zelle. These advanced payment technologies enhance the customer experience. The payment services support safer, faster, and more convenient payment methods. Thus, leading to the use of the digital payment market is anticipated to expand significantly during the forecast period.
The payment market is expected to register to grow at a significant pace owing to the emergence of cash pooling, token system, and cashless transactions that are expected to drive the segment. A gateway solution enabling the organizations to collect money through banks preferred by users without compromising the sensitive data. Moreover, the use of different gateways utilizing industry-standard encryption, and effectively protecting consumer and merchant data from fraud.
The small and medium enterprise is anticipated to witness growth owing to an increase in the number of start-ups across the globe. The significant initiative was taken by the government bodies across the globe to promote digital payment adding to a major factor accounting for increasing in the global payment market. Numerous individuals and organizations now prefer the digital payment mode over traditional payment modes. Traditional payment modes include the use of a check, cash, demand draft, and money order. Digital payment further offers various benefits such as the traditional mode of payments.
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Ankur Gupta, Head Marketing & Communications
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