Digital payment is a mode of payment, which is carried out with the aid of an electronic payment instrument. It enables peer to peer transfer between the payer and payee. It is safer & more reliable than the traditional method because it eliminates the chances of theft or robbery. Some of the commonly used payment gateways are payment security & fraud management solutions, payment wallet solutions, and Point-of-Sale (POS) solutions.
According to study, “Digital Payment Market: Market Segments: By Component [Solutions (Payment Gateway Solutions, Payment Processing Solutions, Wallet Solutions, Payment Security and Fraud Management Solutions, Point of Sale Solutions), Services (professional services (Consulting, Implementation, Support and Maintenance), Managed Services)]; By Deployment Mode (On-Premises and Cloud); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Product Type (Standalone and Integrated); By Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030”. Some of the key companies operating in the global digital payment market are Apple Pay, Tencent, Alipay, Amazon Pay, Google Pay, First Data, MasterCard, Total System Services (TSYS), Novatti, Paypal, Fiserv, Visa Inc., Global Payments, BlueSnap, Net 1 UEPS Technologies, Financial Software & Systems, Worldline, Wirecard, ACI Worldwide, Chetu, Paysafe, PayU, Yapstone, Adyen, Worldpay (Vantiv), Aurus Inc.
On the basis of components, the digital payment market is bifurcated as services and solutions. Services include managed services and professional services (support & maintenance, implementation, and consulting). Solutions include payment security & fraud management solutions, payment gateway solutions, wallet solutions, payment processing solutions, and point of sale solutions. On the basis of product type, the market is bifurcated into integrated products and standalone products. On the basis of organization size, the market is bifurcated into small & medium enterprises and large enterprises. In addition, on the basis of the vertical, the market is bifurcated as media & entertainment, transportation & logistics, travel & hospitality, healthcare, retail & eCommerce, BFSI and others.
The digital payment market is driven by growth in the adoption of real-time payments, followed by high proliferation of smart-phones enabling m-commerce growth, growth in customer expectations, rise in the adoption of contactless payments, and increase in eCommerce sales & growth in internet penetration. However, a lack of digital literacy in emerging countries and a Lack of global standards for cross-border payments may impact the market. Moreover, progressive changes in regulatory frameworks and rapid decline in unbanked populations across the globe are key opportunities for the market.
Based on geography, North-American is a leading region in the global digital payment market owing to the presence of a large number of solution providers and the growth of the mobile commerce industry coupled with the developed digital economy in the region. The European and Asian-Pacific regions are estimated to witness a higher growth rate due to the growth of digitalization and an increase in government efforts to use digital payments over the forecast period. It is projected that the future of the global market will be optimistic on account of an increase in the number of small & medium enterprises during the forecast period. The digital payment market is expected to surpass the US $167.6 billion by 2030 from the US $77.9 billion in 2019 at a CAGR of 14.5% during the forecast period 2020-30.
For More Information on the Research Report, refer to the below links: -
Mobile Payment Technology Market by Payment Mode (Proximity Payment and Remote Payment), by Technology (NFC, QR Code, WAP & Card-Based, Digital Wallet, Banking App-based, SMS-based/DCB, and Others [USSD/STK, MST, etc.]), and by Application (BFSI, Retail, Healthcare, Entertainment, IT and Telecom, Energy & Utilities, Hospitality & Tourism, and Others [Education, Government]): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024
Ankur Gupta, Head Marketing & Communications