Digital Payments Market Predict to Reach US$ 8686.68 Bn by 2025 | PayPal Holdings Inc., Visa Inc., MasterCard Incorporated

Global Digital Payments Market This market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

Market Overview-

The global digital payments market was valued at USD 3885.57 billion in 2019, and is expected to reach USD 8686.68 billion by 2025, recording a CAGR of 13.7%, during the forecast period of (2020 - 2025). Money and the idea of its exchange through payments have evolved drastically after their inception. From metal coins to paper, from bank accounts to e-wallets, money has taken various shapes, sizes, and forms. Over the last decade, the payment industry has recorded a robust growth, with new providers, new platforms, and new payment tools being launched almost every year.

The market studied is expected to flourish, owing to the robust proliferation of the internet. The internet penetration rate has been recording a healthy growth over the past few years, and is expected to continue traversing the same trajectory, owing to increasing investments by internet service providers.

Security is of paramount importance in digital payments. With a multitude of digital transactions taking place via smartphones, the chances of a security breach exist, especially when most of the mobile wallets and banking applications do not deploy hardware-level security, to make online transactions more secure.

The global economy is moving toward digitalization to leverage the speed and convenience offered. However, it is prone to cyber-attacks. Recent attacks, such as WannaCry and Wquifax breach, have exploited the vulnerabilities of the system. Thus, governments of various countries are enforcing stringent regulations to deal with such attacks. For instance, two new regulations related to cybersecurity, the European Unions General Data Protection and New York Department of Financial Services, are already in place. In the future, the number of such regulations from various central authorities is expected to increase, in order to curb cyber-attacks.

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Market competition by Top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the Top players including-

PayPal Holdings Inc., Visa Inc., MasterCard Incorporated (MasterCard), Amazon.com Inc., Alphabet Inc., Apple Inc., CCAvenue (Avenues India Pvt. Ltd), Paytm Mobile Solutions Private Limited, Stripe Inc., Alipay.com Co. Ltd

Market segment by Regions/Countries, this report covers
North America (U.S., Canada, Mexico)
Global (Germany, UK, France, Rest of Global)
Asia Pacific (China, India, Japan, Rest of Asia Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East & Africa

Key Market Trends

Contact Less Payment Method to Emerge As One of the Preferred Option

Contactless payment is an alternative payment channel. It uses short-range wireless technologies, such as radio frequency identification (RFID) or near field communication (NFC), to securely complete payments between a contactless card and contactless-enabled PoS terminal.
The factors that drives the use of contactless payment include, but are not limited to, ease of use, speed, and integrated and seamless experience. For instance, contactless transactions take close to 1/10th of the time taken by traditional electronic transactions.
Driven by hassle-free and convenient experiences, contactless payments are witnessing robust adoption in countries, such as the United Kingdom, Australia, Canada, and Singapore. For instance, in the United Kingdom, the number of contactless transactions reached 2.86 billion in 2016, thereby, indicating a growth rate of about 174%.
The mobile contactless user base increased from about 20 million in 2015 to 144 million in 2017. Thus, with the increasing acceptance of mobile and digital payments, contactless payments are anticipated to record growth. Moreover, the adoption of contactless cards is projected to transform the landscape of traditional payments, as these cards act as significant threats to EMV cards and the magnetic stripe technology.

United States to Account for the Most Significant Share in North America

Digital payment is all set to be the preferred mode of payment for US citizens. For instance, 41% of all shoppers said that their smartphone or tablet is becoming their most important shopping tool. Moreover, mobile payment is the preferred mode of payment among millennials.
E-commerce sales in the region are also increasing, with the improvement of digital payment experience. This increase also reflects consumers increasing comfort with online shopping, coupled with their increasing use of mobile and hand-held devices.
When comparing online/e-commerce (no card present) payments with card-in-hand payments, digital proved to be the higher growth category, accounting for growth up to 23%, over the last year.

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Major points covered in this research are:-

-Digital Payments Market Overview, Segment by Type (Product Category), by Application, by Region (2020-2025), Competition by Manufacturers

-Global Market Size (Value) of Digital Payments (2020-2025)

-Global Digital Payments Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2020-2025)

-Global Digital Payments Production, Revenue (Value), Price Trend by Type

-Global Digital Payments Market Analysis by Application

-Global Digital Payments Manufacturers Profiles/Analysis

-Digital Payments Manufacturing Cost Analysis

-Industrial Chain, Sourcing Strategy and Downstream Buyers

-Marketing Strategy Analysis, Distributors/Traders

-Market Effect Factors Analysis

-Global Digital Payments Market Forecast (2020-2025)

-Competitive Landscape

-Research Findings and Conclusion

Finally, this Digital Payments report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Digital Payments product development and gives an outline of the potential Global market.

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

This release was published on openPR.