According to IMARC Group’s latest report, titled “Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global digital payment market grew at a CAGR of around 20% during 2014-2019. Looking forward, IMARC Group expects the global market to continue its moderate growth during 2020-2025.
Digital payment or electronic payment is a convenient and secured payment method of sending or receiving money electronically or over-the-internet. It is more reliable and safer than conventional cash transactions by providing secured payment gateways and direct transactions with the banks. Furthermore, digital payments are easily traceable as details of the payments are stored in a merchant-specific database. Both merchants and customers have access to the payment information to avoid ambivalence and confusion while tracking payments.
The global digital payment market is currently driven by high internet connectivity and increasing rising penetration of Internet-of-Things (IoT)-based devices. In line with this, the governments across various countries are undertaking numerous initiatives to promote and support digital payment as it helps them to restrain tax frauds and maintain money trails. Furthermore, the emergence of e-commerce platforms, along with the integration of digital payments with several advanced technologies, such as blockchain, machine learning, Artificial Intelligence (AI), etc., is also propelling the digital payment market growth. Moreover, the sudden outbreak of the COVID-19 pandemic, in early 2020, had resulted in a rapid shift towards digital payment solutions to mitigate the risk of coronavirus infection in cash-based transactions requiring human interaction.
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Digital Payment Market 2020-2025 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the global digital payment market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
ACI Worldwide Inc.
Adyen N.V.
Apple Inc.
Paypal Holdings Inc.
Aliant Payment Systems Inc.
Amazon.com Inc.
American Express Company
Fiserv Inc.
Mastercard Incorporated
Novetti Group Limited
Stripe Inc.
Total System Services Inc.
Visa Inc.
Wirecard AG.
The report has segmented the global digital payment market on the basis of component, payment mode, deployment type, end use industry and region.
Breakup by Component:
Solutions
Application Program Interface
Payment Gateway
Payment Processing
Payment Security and Fraud Management
Transaction Risk Management
Others
Services
Professional Services
Managed Services
Breakup by Payment Mode:
Bank Cards
Digital Currencies
Digital Wallets
Net Banking
Others
Breakup by Deployment Type:
Cloud-based
On-premises
Breakup by End Use Industry:
BFSI
Healthcare
IT and Telecom
Media and Entertainment
Retail and E-commerce
Transportation
Others
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Explore full report with table of contents: https://www.imarcgroup.com/digital-payment-market
Key highlights of the report:
Market Performance (2014-2019)
Market Outlook (2020- 2025)
The Impact of COVID-19 on the Global Market
Market Drivers and Success Factors
Value Chain Analysis
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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