Press release
Digital Payment Market | 2022 Size, Growth Insights, Share, COVID-19 Impact, Emerging Technologies, Key Players, Competitive Landscape, Regional and Global Forecast to 2028
Digital Payment Market 2022-2028
New study report" Digital Payment Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2028″ has been added to Fortune Business Insights.
Market Overview:
The global digital payment market size is projected to reach USD 19.89 trillion by 2026, exhibiting a CAGR of 24.4% during the forecast period. The unprecedented circumstances created by the COVID-19 outbreak have brightened the short- and medium-term prospects for this market, states Fortune Business Insights™ in its report, titled "Digital Payment Market Size, Share & Industry Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026".
Driving Factors:
Rising Adoption of Digital Transactions in Developing Countries to Foster Prolonged Market
Growth Economic growth and development in countries such as India and China has raised disposable incomes of populations, empowering them to modern payment systems to conduct business-related and other transactions. In India, for example, the Reserve Bank of India (RBI) found that between October 2018 and September 2019, digital payments accounted for 96% of the non-cash retail payments. Moreover, within the same time span, transactions done through the National Electronic Funds Transfer (NEFT) and Unified Payments Interface (UPI) mediums rose by 20% and 263%, respectively. The RBI is also reforming its regulatory framework to efficiently monitor the evolving digital payments environment in the country. Thus, emerging economies, with improved internet connectivity and increasing smartphone usage, are expected to provide a major boost to the digital payment market growth in the foreseeable future.
List of Companies Covered in the Digital Payment Market Report:
Visa Inc.
Paytm
Microsoft Corporation
Google Inc.
American Express Co.
com Co. Ltd.
Samsung Electronics Co. Ltd.
PayPal Holdings Inc.
MasterCard International Inc.
Facebook Inc.
com Inc.
Covide-19 Impact:
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Method of Research:
Fail-safe, modern research methodologies are employed for the Digital Payment market analysis. An exhaustive primary and secondary research conducted on the market using robust research techniques aid in the prediction of the market size at the end of forecast period. Top-up and bottom-down approaches were maintained in the entire market study.
Report Coverage:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Key Industry Development:
May 2020: SoFi, a US-based personal finance firm, teamed up with Samsung Electronics America to release Samsung Money by SoFi. The innovative product is a mobile-based money management platform that creates a secure cash management account for the user, offering attractive interest rates on savings. Moreover, Samsung Pay users paying through MasterCard debit cards can avail exclusive benefits.
February 2020: Paytm, India's biggest digital payments platform, introduced its All-in-One Android POS device for its merchant partners across the nation. The device is designed to enable merchants to accept payments through cash, debit & credit cards, UPI, and Paytm Wallet. Further, merchants will also be able to generate GST compliant bills through the 'Paytm for Business' app.
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Segmentation:
The regional summarization of the Digital Payment market offers competitive strategies in different regions across the globe. Moreover, the market's key players are contributing to the market growth that tends to maximize the profits through the partnership in several places. The Digital Payment market research is done broadly with the mentioned region to embrace the outlook and the latest trend with the prospects in the given period of 2022-2026.
Regional Insights:
Asia-Pacific to Have Commanding Lead in the Market; North America to Grow Steadily
Internet and smartphone penetration in China and India is rapidly advancing, which is surging the demand for the strengthening of digital payments infrastructure in these countries. Moreover, India, who demonetized its currency in 2016, is actively promoting digital payment platforms to make the country less dependent on cash. Together, these factors are aiding the dominance of Asia-Pacific in the digital payment market share.
The market size in North America was at USD 0.96 trillion and is expected to grow as the predominant mode of payment in the region is through debit/credit cards. Furthermore, the region is also home to some of the world's largest and strongest financial institutions, which augurs well for this market. In Europe, the market will be primarily driven by the fact that majority of the people have bank accounts and are therefore, well-equipped to adopted digital transaction mediums.
Major Table of Content:
Introduction
Executive Summary
Market Dynamics
Key Insights
Digital Payment Market Analysis, Insights and Forecast, 2022-2028
North America Digital Payment Market Analysis, Insights and Forecast, 2022-2028
Europe Digital Payment Market Analysis, Insights and Forecast, 2022-2028
Asia Pacific Digital Payment Market Analysis, Insights and Forecast, 2022-2028
Middle East and Africa Digital Payment Market Analysis, Insights and Forecast, 2022-2028
Latin America Digital Payment Market Analysis, Insights and Forecast, 2022-2028
Market Share Analysis, By Key Players, 2022
Competition Matrix
Company Profile
Continue….
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About Us:
Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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