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Digital Payment Market to 2018 - 2026: PayPal Holdings, Inc, Amazon.com, Inc., Google LLC.
Digital payment refers to cashless electronic monetary transactions. It includes monetary transactions made through the Internet, and mobile payments at point of sale (PoS) through mobile applications (apps). Digital payment also includes peer-to-peer transfers between consumers and private users. Adoption of digital payment has been gaining momentum of late. Various individuals and organizations prefer the digital payment mode over traditional payment modes. Traditional payment modes include check, cash, demand draft, and money order. Digital payment offers various benefits over the traditional mode of payments. For instance, it provides ease of convenience and accessibility to users. Digital payment also enables a user to mitigate thefts and losses. Cash purchase tends to be final and irreversible unless the seller agrees upon a return policy. Return policies are more user friendly in the case of digital payment. Digital payment features real time, agile, and personalized payment services. It entails the usage of application program interface (API), mobile wallets, and blockchain technologies. These advanced payment technologies enhance customer experience. Digital payment supports safer, faster, and more convenient payment methods. Thus, the global digital payment market is anticipated to expand significantly during the forecast period.
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Surge in usage of Internet offers lucrative opportunities for payment platform providers. Proliferation of smartphones is also fueling the global digital payment market. Rise in government initiatives to promote digital and cashless payment modes is driving the global digital payment market. Significant expansion in the e-commerce industry is also expected to boost the global digital payment market. Between 2021 and 2026, the e-commerce industry is anticipated to create highly lucrative opportunities for players active in the global digital payment market. However, increase in financial frauds and cybercrimes is estimated to adversely affect the market in the near future. Furthermore, application of additional charges for using the digital payment mode is projected to hamper the digital payment market during the forecast period. On the other hand, seamless technological integration across mobile banking and e-wallets is likely to create opportunities for the global digital payment market.
The global digital payment market can be segmented based on technology, payment mode, enterprise size, end-use industry, and region. In terms of technology, the global digital payment market can be bifurcated into contact payment and contactless payment. Contactless payment can be further categorized into near field communication (NFC); Europay; MasterCard; and Visa (EVM); e-wallets; mobile apps; and bitcoins. The payment mode segment can be subdivided into POS devices and Internet-based payment mode. Based on enterprise size, the market can be classified into small and medium enterprises (SMEs) and large enterprises. In terms of end-use industry, the global digital payment market can be segregated into retail, media and entertainment; banking & financial service; healthcare; telecom & information technology; government; automobiles and transportation and others.
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In terms of region, the digital payment market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The digital payment market in Asia Pacific and Middle East & Africa is expected to expand at a significant pace owing to the growth in transportation and automobile, healthcare, and banking and financial service industries. The digital payment market in North America and Europe is anticipated to expand marginally during the forecast period. Asia Pacific is estimated to offer significant opportunities to the digital payment market owing to the rise in adoption of Internet and high proliferation of smartphones. The market in South America and Middle East & Africa is also projected to expand at a rapid pace from 2018 to 2026.
Key players operating in the digital payment market include PayPal Holdings, Inc, Amazon.com, Inc., Google LLC., Mastercard Incorporated, Visa Inc., and Apple Inc.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
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Highlights of the report:
A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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