Press release
Massive Growth Expected for Global Digital Payment Market Because of Coronavirus Outbreak
Digital payment is any transaction and payments made via online method. It is commonly called as cashless payment method. In the digital payment payer and payee both use the electronic mode for sending and receiving money. In this method we can transfer the money by using net banking, and mobile banking. Digital payment is the safe and secure payment method, where payee needs not to carry cash with them all the time. Digital payment includes various methods such as Banking Card, USSD, UPI, Internet Banking, Mobile Banking, and wallets. These methods play an important role in the global digital payment market growth.
Rise in number of e-commerce industries, and advancements in mobile payment technology is expected to increase the demand for digital payment, in near future. Digital payment mode is safer than traditional payment mode; as they eliminate the risk of mitigate losses, and theft. Furthermore, Increase in prevalence of contagious disease like COVID 19 is expected to boost the global digital payment market growth. Covid 19 is spread via respiratory droplets, touching surface or object. To avoid this type of infections digital payment market is expected to grow, in this forecast period. Rise in cybercrimes, and financial frauds are the major restraining factors, which are expected to hamper the digital payment market growth.
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Major Key Players Covered in Global Digital Payment Market
ACI Worldwide (US), Aurus (US), Aliant Payment (US), Authorize.Net (US), Adyen (Netherlands), BlueSnap (US), Chetu (US), Dwolla (US), FSS (India), First Data (US), Fiserv (US), Global Payments (US), Net1 UEPS Technologies (South Africa), Novatti (Australia), PayPal (US), Paysafe (UK), PayU (Netherlands), SIX (Switzerland), Stripe (US), TSYS (US), WEX (US), Wirecard (Germany), Worldline (France), Worldpay (US), and YapStone (US).
Segmentation of Global Digital Payment Market
The global digital payment market has been segmented by Component, by Deployment Cloud and On-Premise, by organizational size, by vertical and by region. By Component the market has been segmented into solution and services. The market is also segmented into Deployment Cloud and On-Premise. Based Organization Size the global digital payment market has been segmented into Large enterprise and Small & Medium Enterprises (SMEs). Vertically the global digital payment market has been segmented by (BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce, and others).
Regional Analysis
Geographically, the global digital payment market has been segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America are expected to dominate in global digital market for payments during the forecast period due to presence of a large number of solutions providers in the region.
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