Digital Payment Market is expected to reach US$ 243,426.71 million by 2028

According to our latest market study on "Digital Payment Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Organization Size, and Industry," the market was valued at US$ 89,045.67 million in 2021 and is projected to reach US$ 243,426.71 million by 2028; it is expected to grow at a CAGR of 15.4% from 2021 to 2028. Growing Adoption of Open-Banking APIs to Provide Growth Opportunities for Digital Payment Market During 2021-2028.

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Digital Payment Market - Company Profiles
• ACI WORLDWIDE, INC
• Adyen
• Financial Software & Systems Pvt. Ltd.
• Fiserv, Inc.
• Global Payments Inc.
• Novatti Group Ltd
• PayPal Holdings, Inc.
• Paysafe Limited
• Amazon Payments, Inc.
• PayU

Financial services companies are recognizing the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with superior offers and services. For instance, numerous financial services companies such as PayPal, Wells Fargo, and Visa are supporting Open Banking projects. Also, in Europe, Open Banking initiatives are progressively becoming the norm because banks are legally required to make account information accessible via APIs under the Revised Payment Services Directive (PSD2), effective from 2018.

Open Banking APIs boost a bank's attractiveness and enable it to meet the changing expectations of existing clients and attract new ones. The APIs may also be used as a one-of-a-kind solution to boost customer interaction and respond to consumer requirements in a safe, agile, and future-proof way. Open Banking APIs are significant assets for financial services organizations because they allow them to expand service offerings, boost client interaction, and create new digital income channels, which would offer a significant opportunity for the digital payment market to expand during the forecast period.

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Digital Payment Market Insights
Growing Adoption of Open-Banking APIs
Financial services companies are recognizing the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with superior offers and services. For instance, numerous financial services companies such as PayPal, Wells Fargo, and Visa are supporting Open Banking projects. Also, in Europe, Open Banking initiatives are progressively becoming the norm because banks are legally required to make account information accessible via APIs under the Revised Payment Services Directive (PSD2), effective from 2018. Open Banking APIs boost a bank's attractiveness and enable it to meet the changing expectations of existing clients and attract new ones. The APIs may also be used as a one-of-a-kind solution to boost customer interaction and respond to consumer requirements in a safe, agile, and future-proof way. Open Banking APIs are significant assets for financial services organizations because they allow them to expand service offerings, boost client interaction, and create new digital income channels, which would offer a significant opportunity for the digital payment market to expand during the forecasted period

The digital payment market players focus on new product innovations and developments by integrating advanced technologies and features to compete. For instance, in January 2021, Okay and FSS Technologies (Financial Software and Systems), a worldwide payments technology firm, announced their alliance to deliver focused authentication security to consumer payments, particularly transaction validation and authentication on mobile. With its next-generation products, technology, and solution offerings, FSS is already expanding its commercial potential in Europe. In May 2020, Fiserv, Inc. purchased Inlet, LLC ("Inlet"), a supplier of secure digital delivery solutions for invoices and statements for enterprise and middle-market billers. The Payments sector includes Inlet, which advances the company's digital bill payment strategy.

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