Digital Payments Market Survey Report 2020 Along with Statistics, Forecasts till 2026

The Global Digital Payments Market Comprehensive Analysis, Outlook Along with Key segments and Forecasts, 2021-2026, offers an in-depth evaluation of each crucial aspect of the Global Digital Payments industry that relates to market size, share, revenue, demand, and development in the market. The report analyzes the Digital Payments market over the values, historical pricing structure, and trends that make it easy to predict growth momentum and precisely estimate forthcoming opportunities in the Digital Payments Market. The report explores the current outlook in global and key regions from the perspective of players, countries, product types, and end industries. This report provides the COVID-19 (Corona Virus) impact analysis (historic and present) in major regions and countries also provides a futuristic analysis considering COVID-19.

The Digital Payments Market is expected to grow at a CAGR of 13.7% over the forecast period 2021 to 2026.

Get a FREE Sample PDF Copy of Latest Research on Digital Payments Market Before Purchase:

https://www.marketinsightsreports.com/reports/05202905857/digital-payments-market-growth-trends-covid-19-impact-and-forecasts-2021-2026/inquiry?Mode=A19_op

The demand for cashless payments, over cash, is being driven by greater convenience, favorable government policies, and evolving consumer behavior. The governments are also trying to reduce their cost of printing the currencies and counter the fake currency influx that disturbs the economic growth, with digitization, thereby, creating an environment conducive for cashless and digital payments.

- Furthermore, the rapid rise in smartphone penetration across emerging economies, primarily in the Asia-Pacific region, is expected to have a positive impact on the market growth. Additionally, the introduction of mobile wallets across the world, wherein a consumer is asked to add money to the application and use it later within, or outside of, the merchant (if applicable), is rapidly propelling the adoption of digital payment services.

- 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.

- Furthermore, China is spending highly on payment services. For example, WeChat Pay allows a customer to pay quickly through in-app service and connected banks and book hotels, flights, trains, and buy movie tickets. As per ITU, the internet penetration was the highest in Japan, in January 2019, i.e., 93.4%, which is expected to continue, owing to favorable government norms and associated regulations. Currently, India has a relatively low penetration rate, as compared to Japan and China. However, this is expected to increase, owing to the rising smartphone users and government pushing toward digital payment wallet services.

(Exclusive Offer: FLAT 20% discount on this report)
Inquire for Discount

https://www.marketinsightsreports.com/reports/05202905857/digital-payments-market-growth-trends-covid-19-impact-and-forecasts-2021-2026/discount?Mode=A19_op

Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa

Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

India to Account for the Most Significant Share in Asia-Pacific

- Digital payments are a relatively new trend in India. However, it is growing at a fast pace due to favorable regulatory environment, infrastructure upgrades, high smartphone penetration, and subsidized data plans.

- The reason for high smartphone adoption is the launch of affordable phones by Chinese brands that offer flagship-grade features and capabilities. These brands target market is rural India, also, who are looking to upgrade their feature phones. Thus more Indians are relying on apps for facilities, such as grocery or fuel management. This is an enabler for mobile payments.

- Demonetization was a massive currency culling exercise taken up by the government in, which made 86% of the currency in circulation invalid. The step was taken to fight against black money, terror financing, and counterfeit currency. This was a major driving force for the adoption of digital payments.

- The Digital India program is a flagship program of the Government of India with a vision to transform India into a digitally empowered society. Ministry of Electronics & Information Technology (MeitY) is working on strengthening of Digital Payment infrastructure and creating awareness through promotions of digital payments.

Influence of the Digital Payments Market report:

–Comprehensive assessment of all opportunities and risk in the Digital Payments Market.
–Digital Payments Market recent innovations and major events.
–Detailed study of business strategies for growth of the Digital Payments Market market-leading players.
–Conclusive study about the growth plot of Digital Payments Market for forthcoming years.
–In-depth understanding of Digital Payments Market market-particular drivers, constraints and major micro markets.
–Favorable impression inside vital technological and market latest trends striking the Digital Payments Market.

Read Detailed Index of full Research Study at@ 

https://www.marketinsightsreports.com/reports/05202905857/digital-payments-market-growth-trends-covid-19-impact-and-forecasts-2021-2026?Mode=A19_op

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:
Market Insights Reports provides syndicated market research on industry verticals including Healthcare, Information, and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc., Market Insights Reports 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.