Global Digital Payments Market growing at a CAGR of 14.1% with Size, Upcoming Trends, Scope, key Players- MasterCard, Visa, PayPal, Amazon, Google

Global Digital Payments Market is projected to register a CAGR of 14.1%, during the forecast period (2018 - 2023). Payment by cash is no more in style with the emergence of the digital or cashless payment options. The scope of the report is limited to the services offered by major digital payment enablers. The regions considered in the scope of the report include North America, Europe, and various others. The report studies the increasing digital payment options across various parts of the world.

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Digital Payments is the biggest FinTech segment in 2017 due to a high online shopping penetration. Seamless integration of Payment Solutions is also a major driving force in the digital payments market. Consumers, as well as businesses, are interested in faster, safer, and more convenient payment methods. There are different digital payment methods, like bank Cards, Net Banking, e-wallets, Mobile In-store applications, etc. Top three payment methods used across the globe are Credit cards, digital payment systems (PayPal, Apple Pay, etc.), and debit cards. Digital Payments find applications in different sectors, like Retail, Transportation, Entertainment and Media, Banking and Financial sector, etc. To make these digital payments safe for consumers to use. Companies are developing security software that will allow digital payments not vulnerable to threats through wireless networks among individual consumers. Security concerns act as a barrier in the digital payments market. Additional charges for making digital payments from banks also might slow down the growth of the digital payments market.

Asia-Pacific to Show the Highest Growth Rate
In 2017, China is the largest global digital payments market due to its high online shopping volume. The APAC region is expected to display the highest growth rate owing to increasing adoption of internet and rising e-commerce in several countries, like India, Indonesia. Moreover, the Indian government’s strategic plan of making India a cashless economy is offering new opportunities for small players to enable digital payment services.

Key Developments in Market:
November 2017: PayPal is keen on tapping the local market of India by launching a domestic payments option. This strategy of PayPal is expected to increase the competition among the active players, such as Paytm, WhatsApp, and Google's Tez, which works on the government stipulated unified payments interface (UPI) standard

Major Players –
MasterCard, Visa, PayPal, Amazon, Google, amongst others.

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Smartphones and E-commerce propelling the market
Millennials accounting close to 27% of the global population, have technology as such an integral part of their lifestyle. This population group has been identified to be heavily influenced by technology, while the generation’s buying habits and expectations are based on Instant gratification that smartphones, Internet, and modern conveniences provide. This has paved the way for retailers and other service providers to target customers where they usually dwell, the internet. The internet drove the e-commerce across most of the sectors and regions. The e-commerce market in the world is estimated to reach USD 653 billion in 2018. In 2017 the global e-commerce market is dominated by China with a market size of USD 672 billion while India, Indonesia, and Mexico are emerging markets.
The increasing smartphones are also driving the digital payment market. Nearly 90% of millennials today own and are in close contact with their smartphones throughout the day. Retailers, like Amazon are investing heavily to provide customers convenient ways of shopping by introducing e-wallets where customers can load money and use for their future purchases. With the entire world shifting towards more technologically-driven payment methods, digital currencies, such as Bitcoins, are also emerging. However, this payment method isn't entirely being regulated and recognized as a financial service by governments except for in countries, like Finland.

Changing Consumer Buying Behavior
Since digital payments provide customers with convenience, allows them to track spending, the penetration is increasing over time. Consumer behavior is changing quickly, and businesses find the need to stay on par with changing payment demands. Digital payment services, banks and other enablers, like Venmo, Google Pay, Pay Pal, etc. are offering unmatchable discounts, which result in more consumers switching to digital payments and therefore impacting the global digital payments market.
Many consumers are turning towards these methods in-store payment apps as they allow users to pay for items in the physical store via apps on their mobile phones. PayPal Beacon and Apple’s iBeacon are paving the way. Consumers find these options as a safer and quicker than waiting in line at the store.
As internet allows users to be available on different Social Media platforms, these platforms are also enabling payment options. For example, SnapChat has released SnapCash that lets users exchange cash from one account holder to another instantly. Pinterest is utilizing "Action buttons" within their platform and allow users to add items to their Amazon Wish List or to complete a purchase directly from within the Pinterest site. AI devices, such as an Amazon Echo or Google Home also are expected to allow users to complete payments in future, thus making these devices digital payment enablers.

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