Press release
Digital Payment Market will Record Rapid Growth, Emerging Trend, Industry Analysis till 2029 with COVID-19 Impact | Visa Inc., Paytm, Microsoft Corporation, Google Inc. com, Inc., Samsung Electronics Co. Ltd., PayPal Holdings Inc.
Digital Payment Market
New study report" Digital Payment Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2029″ has been added to Fortune Business Insights.
Market Overview:
The global digital payment market size is anticipated to reach a transaction value of USD 19.89 trillion by 2026, exhibiting a CAGR of 24.4% during the forecast period owing to the increasing usage of smartphones worldwide. The report states that the value of this market stood at a transaction value of USD 3.53 trillion in 2018.
At the beginning of a recently published report on the Digital Payment Market 2022-2029, extensive analysis of the industry has been done with an insightful explanation. The overview has explained the potential of the market and the role of key players that have been portrayed in the information that revealed the applications and manufacturing technology required for the growth of the Digital Payment market.
Various segments of the market have been divided into different divisions. They have been depicted maximum share and profit maximization of the market during the forecasting period of 2022 to 2029. This is mentioned in the report too. Depending on the information, it has been recognized with different data and figures offered by the analysis of the overall understanding of the market place and value. Various distinctive features involve the market's knowledge based on the factors like the demographic changes, market dimensions, historical details, and market overviews. The research is also included in the strategic movements that are undertaken by the top-notch markets. Moreover, these key players affect the market growth and the profit rate of the overall market. In this report, the internal dimensions and assessments of the Digital Payment market are revealed. The study of the Digital Payment market's description has been taking place during the 2022 period and the last year of the foreseen period that extends to 2029.
Key Industry Development:
November 2019: Google Inc. modified its famed Google Pay platform and launched 'Google Pay for Business' app in Chennai, India, which will cater exclusively to the country's fledgling Micro, Small, and Medium Enterprises (MSME) sector. The app would transfer the entire transaction amount to the UPI user's bank account.
October 2019: American Express, Visa, Discover, and MasterCard teamed up to develop a secure, simple, and fast checkout solution for online card payments. The service, which will be made available across the US in early 2020, is based on the EMV® Secure Remote Commerce standard which will enable customers to easily checkout using a 'click-to-pay' option.
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List of Key Players Covered in the Digital Payment Market Report:
Visa Inc.
Paytm
Microsoft Corporation
Google Inc.
com, Inc.
Samsung Electronics Co. Ltd.
PayPal Holdings Inc.
MasterCard International Inc.
Facebook Inc.
com Co Ltd
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Method of Research:
Fail-safe, modern research methodologies are employed for the Digital Payment market analysis. An exhaustive primary and secondary research conducted on the market using robust research techniques aid in the prediction of the market size at the end of forecast period. Top-up and bottom-down approaches were maintained in the entire market study.
Driving Factors:
High Vulnerability of Financial Information to Online Miscreants to Hinder Growth
Electronic payments are transactions between buyers and sellers that are facilitated by the internet. These transactions require filling of private financial information such as card details, which makes the user susceptible to cybercrimes. Credit card frauds have become commonplace today as your card details can be easily acquired through phishing and hacking activities. Moreover, protection of financial information requires huge investments in building a robust digital infrastructure, which may not be possible in developing and underdeveloped countries. Lastly, digital payments heavily rely on a stable internet connection, which may not always be available, leading to disruption and confusion in the marketplace. However, the pros of digital transactions far outweigh the cons, auguring well for the digital payment market growth.
Regional Insights:
Maturing Consumer Behavior to Boost the Market in Asia-Pacific
Asia-Pacific is likely to dominate the digital payment market in the coming decade on account of rapidly rising smartphone adoption in the highly populated countries such as India and China. Consumer preferences are maturing and shifting towards digital and electronic means of transacting business, says one of our lead analyst. Furthermore, governments in the region are aggressively promoting digital payment methods, such as Indian Government's Digital India campaign.
In 2018, the market size of North America was USD 0.96 trillion in terms of transaction value and the region is expected to grow remarkably owing to the presence of some of the biggest financial institutions and technology pioneers in the world. In Europe, a large chunk of people owns smartphones and the banking sector in EU member states is robust, which bodes well for the market in the region.
Ensuring Transactional Security to be the Central Focus of Key Players
With rising instances of cybercrimes, competitors are focusing on developing convenient yet secure services to minimize the possibility of fraudulent activities. Many companies are actively collaborating to come up with innovative solutions, some other companies are targeting niche sectors in emerging economies.
The report on the Digital Payment market incorporates:
Grander insights into the market
Insightful analysis of the segments
Market drivers and restraints
Comprehensive information about prominent players
Prevailing regions
COVID-19 extreme effect on the market
Major Table of Content:
Introduction
Executive Summary
Market Dynamics
Key Insights
Digital Payment Market Analysis, Insights and Forecast, 2022-2029
North America Digital Payment Market Analysis, Insights and Forecast, 2022-2029
Europe Digital Payment Market Analysis, Insights and Forecast, 2022-2029
Asia Pacific Digital Payment Market Analysis, Insights and Forecast, 2022-2029
Middle East and Africa Digital Payment Market Analysis, Insights and Forecast, 2022-2029
Latin America Digital Payment Market Analysis, Insights and Forecast, 2022-2029
Market Share Analysis, By Key Players, 2022
Competition Matrix
Company Profile
Continue….
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Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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