Digital Payment Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2026)

Research report presented by UnivDatos, Emphasis on Type (Solutions, Services), Deployment (On-Premises, Cloud), Payment Mode (POS Payment, Digital Commerce), Payment Enterprises (Large, SME), End-User (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-Commerce, Transportation, Others) and Geographical analysis (key regions and countries).

As per the research report, the global Digital Payment Market was valued at US$ 50.9 billion in 2019. Owing to the sudden COVID-19 outbreak demand for contactless payment, the market is expected to witness high growth and is expected to reach a market size of US$ 65.3 billion in 2020. Post 2020 the global digital payment market is expected to witness growth and would grow at a CAGR of 18.55% during the 2021-2026 period to reach US$ 167.6 billion by 2026.

Digital payment is a revolution in the payments industry. With digitization and continued technological development, they can increasingly offer consumers and businesses ways of paying that are tailored, convenient and flexible. Digital payments can also aid facilitate budgeting, financial inclusion, and enable action to prevent and stop economic crime. Developed countries have already adopted digital payment solutions. Developed economies have implemented a cashless payment infrastructure centered primarily on credit cards several decades ago, but in recent years, the legacy structures have suddenly become a burden. The "Western" markets are now much slower to adopt new payment solutions than growing economies like China, India, or Eastern Europe.

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Since January 2018, 1 million people a day have started using the internet. This accounts for 4.39 billion internet users worldwide in 2019, an increase of 366 million since 2018. The proliferation of smartphones and digital initiatives is driving the adoption of digital payment infrastructure. Initiatives are been taken by the government, for instance, The Digital India program is a flagship program of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy.

The COVID-19 pandemic is impacting the global population in drastic ways. Two in every five-card transactions in the United Kingdom are now made with contactless technology. Figures reveal that 20 million contactless transactions take place every day, equating to more than 235 per second. Online shopping has proliferated on retail websites such as Amazon, mobile payment apps. Cashback schemes are gaining momentum across the world. In the UK, the industry is experiencing exponential growth. This further acts as an added advantage of digital payment. However, operational challenges involving cross-border payments and card data security are acting as challenges in the adoption of digital payment.

For a detailed analysis of the increasing demand for Digital payment during COVID-19 impact browse through – https://univdatos.com/report/global-digital-payment-market-current-analysis-and-forecast-2020-2026

ACI Worldwide, WEX, Adyen, Global Payments, Fiserv, Novatti, PayPal, Paysafe, Worldpay and Wirecard are some of the prominent players operating in the global digital payment market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Type, Solution segment holds the major share”

Based on type, the market is fragmented into solutions and services. Several digital payment solutions are available in the market. With more than 75 billion transactions processed annually. An increase in the adoption of the solution has led to an increase in the adoption of services.

“Amongst Deployment, On-premise is expected to dominate the market during the analyzed period”

Based on the market segment by deployment, the market is segmented into cloud and On-premise. On-premise attained a maximum share of 68% in 2019. However, cloud-based solutions are more secure and advanced. As per a survey, 54% of organizations said that they plan to move more of their payment infrastructure to the cloud soon, owing to the more secure payment that could be carried out using this infrastructure.

For a detailed analysis of the regulations in Digital payments browse through - https://univdatos.com/report/global-digital-payment-market-current-analysis-and-forecast-2020-2026

“Amongst Payment Mode, Digital Commerce is expected to dominate the market during the analyzed period”

Based on the market segment by payment mode, the market is segmented into POS Payments and Digital Commerce. Point of Sale or POS refers to the place where a transaction takes place. The POS transaction involves a customer and a merchant along with a product or service that is being purchased through the POS system. Digital commerce dominated the market in 2019 with a market share of 60%.

“Amongst Enterprise size, Large Enterprises is expected to dominate the market during the analyzed period”

Based on the market segment by payment enterprises, the market is segmented into large and small enterprises. Large enterprises have adopted the digital payment infrastructure to make the transaction easier for customers. However, the rising popularity of digital payments is encouraging SMEs to accept payment digitally. Moreover, the COVID-19 pandemic has further driven the growth.

“Amongst End-user, BFSI is expected to dominate the market during the analyzed period”

Based on the market segment by end-user, the market is fragmented into BSFI, healthcare, IT & telecom, media and entertainment, retail and e-commerce and others. BFSI has dominated the market with a market share of 22% in 2019. Several initiatives are taken by the government to escalate the adoption of digital payment solutions. The use of FASTag has enabled electronic toll collection mechanism for vehicles. This leads to the rapid commute and ease of collection without any longer queue.

“North America represents one of the largest markets of Digital payment market”

For a better understanding of the market dynamics of the Digital payment market, a detailed analysis was conducted for different regions in the country including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC) and rest of the world has been conducted. United States generated revenue of US$ 21.1 million in 2020. The United States has the largest market for Digital payment due to high awareness.

Customization Options:

Digital Payment Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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This release was published on openPR.