Digital Payments Market is Booming at a CAGR of 23.8% From 2020 to 2025

Digital Payments Market - Growth, Trends, Forecasts (2020 - 2025)

The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Digital Payments Market on the basis of stating current situation of the industry in 2020.

This is a latest report, covering the current COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. It offers critical information pertaining to the current and future growth of the market.

The transaction value of global mobile payments market was USD 3714.5 billion in 2019, and it is expected to reach a value of USD 12,407.5 billion by 2025, registering a CAGR of 23.8% over the forecast period 2020 - 2025.

SPECIAL OFFER (Avail an Up-to 20% discount on this report)

Request a Sample Report:

https://www.marketinsightsreports.com/reports/07202153498/digital-payments-market-growth-trends-forecasts-2020-2025/inquiry?source=OPENPR&Mode=NG23

News and latest developments

Aug 23, 2020: Digital payments in India are expected to grow over three-folds to Rs 7,092 trillion by 2025 on account of government policies around financial inclusion and growing digitisation of merchants, according to a research report.

The global landscape of payments and transactions is changing rapidly, owing to the growing enterprises and consumer propensity toward digital transformation and proliferation of smartphones. The technological advancements in the space of smartphones, digital payment cards, and POS at retail terminals are fuelling the market growth.

- Government initiatives across the globe are helping enhance the global digital payment space; the emphasis on moving towards a cashless economy is driving favorable regulations; also, the digital payment ecosystem helps governments curb tax frauds and maintain money trails. ?

- For example, Italy has one of the lowest rates of credit cards used in the European region and has the highest VAT frauds in the region. To curb this, the government has set aside USD 3 billion for the next fiscal year to finance the bonuses to be offered as an incentive to those who use electronic payment services over cash.

- The global demand for smartphones is increasing significantly and with technological advancements such as 5G are expected to further augment the global smartphone numbers. According to Ericsson, in 2019, the global smartphone subscriptions stood at 5.6 billion and are expected to reach 7.4 billion by 2025 or 84% of all the subscriptions.? This is another major driving force for the market.

- Cross-border payments are usually slow and expensive to perform, but such payments play a vital role in global trade. The typical national banking infrastructure cannot handle cross-border payments, thus resulting in independent and non-uniform development in software platforms and technologies complicating such payments.

Competitive Landscape

The market is moderately concentrated. The competitive rivalry in the market studied is moderate, as a good number of players prevail. Despite the existence of several companies in the market studied, firms are required to keep innovating their products, in order to gain a sustainable competitive edge over their rivals and provide product differentiation.

- April 2020 - Amazon India plans to give zero-interest credit to customers to buy products on its platform or pay bills, partnering with lenders, like Capital Float and Karur Vysya Bank, for the initiative. The service will allow consumers to purchase essentials on Amazons platform.

- April 2020 - Paytm Payments Bank partnered with Mastercard to issue virtual and physical debit cards. The deal will see the banks beta customers issued with cards in an initial rollout, followed by its entire user base in short order.

Get Discount of this Report:

https://www.marketinsightsreports.com/reports/07202153498/digital-payments-market-growth-trends-forecasts-2020-2025/discount?source=OPENPR&Mode=NG23

Key Market Trends:

BFSI Segment to Dominate the Market

- Robust growth in the digital banking has made it imperative for banks to transform their existing operations into an omni-channel approach, involving web, mobile, or physical branch. Thus, banks are offering various forms of digital experiences such as online banking, digital banking, internet banking. mobile banking, and neo banking. ?

- As per Fujitsus Digital Transformation for Banking Services Report 2018, the motivation for digital transformation in BFSI industry is improvement of efficiency for the banking entity (31%), followed by growth generation (30%).?

- Online banking is being practiced by almost all banks to reduce the hassle of customers who want to visit the physical bank branch. Some banks even allow the customers to deposit cheque by simply taking a picture of it. As per Peppers change in Banking Report 2019, the easy and efficiency of performing transactions was the maximum reason why customers choose online banks. ?

- In emerging markets, such as China and India, the penetration of mobile banking is stronger as compared to developed markets. This is because population in these countries are price sensitive and mobile banking offers cash back, vouchers, and coupons that can be redeemed on future transactions?

Buy Now Link:

https://www.marketinsightsreports.com/report/purchase/07202153498?mode=su?source=OPENPR&Mode=NG23

The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the report’s an invaluable resource for industry executives, Marketing, Sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

For More Information On This Report, Please Visit:

https://www.marketinsightsreports.com/reports/07202153498/digital-payments-market-growth-trends-forecasts-2020-2025?source=OPENPR&Mode=NG23

Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.

If you have any special requirements, please Contact our Sales Team (sales@marketinsightsreports.com).

Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

Contact US:
Irfan Tamboli (Head of Sales)-Market Insights Reports
Phone: + 1704 266 3234 | Mob: +91-750-707-8687
sales@marketinsightsreports.com | irfan@marketinsightsreports.com

About Us:
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.