Digital Payment Market To Exhibit a Remarkable 15.4% CAGR, Moves by Financial Software & Systems Pvt. Ltd, Fiserv, Inc, Global Payments Inc and More

The Digital Payment Market is expected to grow from US$ 89,045.67 million in 2021 to US$ 243,426.71 million by 2028; it is estimated to grow at a CAGR of 15.4% from 2021 to 2028.

The global digital payment market is expected to grow during the forecast period due to the increasing prevalence of smartphones enabling the expansion of mCommerce. The way people access the internet has a direct impact on the growth of mobile commerce. Users prefer smartphones over PCs for internet surfing as smartphones are more affordable, and high-speed internet is no longer a premium infrastructure in many countries. Retailers develop shopping applications that have easy-to-browse catalogs and a simple checkout experience. The fact that customers are intrinsically tied to their mobile phones is not missed by bankers and payment service providers. Banks provide banking apps that allow transactions to be completed on a mobile device's screen. Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments.  Furthermore, difference between physical and digital commerce is dissolving, and channels are converging increasingly.

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The in-store purchase experience has shifted significantly closer to the online one due to the strong emphasis on contactless payments during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well-established in a few regions. Touchless payments and/or biometric identification are prevalent in the online purchase experience. The contactless card is the most prevalent kind of touch-free payment. Mobile payments, on the other hand, are gaining popularity due to easy use and the growing popularity of original equipment manufacturer (OEM) Pay solutions as a retail payment method. In a few countries, retailers and governments proactively request the customers to increase contactless payments and encourage retailers to make this possible. Many banks have increased their contactless payment limits to reduce the need for a touchpad or cash at the point of sale. All these factors drive the growth of the digital payment market.

This report showcases the latest trends in the global and regional markets on all critical parameters which include technology, supplies, capacity, production, profit, price, and competition. This report provides in-depth analysis on the topic and discusses drivers, restraints and opportunities available in the market. The report outlines the noticeable players in the global market with a precise end goal to give a rational position of the unaffected forces of the market, while the provincial and product sections of the global market are furthermore anticipated in detail, keeping in mind the end goal to give a granular illustration of the market's collapse. This report also provides market size, share, trends, growth, market drivers, opportunities and challenges 2028.

Competition Analysis:

Some of Key Competitors or Companies Included In the Study Are

ACI WORLDWIDE, INC
Adyen
Financial Software & Systems Pvt. Ltd.
Fiserv, Inc.
Global Payments Inc.
Novatti Group Ltd
PayPal Holdings, Inc.
….
 
The report begins with a brief introduction and market overview of the Digital Payment industry followed by its market scope and size. Next, the report provides an overview of market segmentation such as type, application, and region. The drivers, limitations, and opportunities for the market are also listed along with current trends and policies in the industry.

Impact of COVID-19 Pandemic on Digital Payment Market

The COVID-19 pandemic has benefited the digital payment market. Businesses are facing new challenges due to the pandemic and the development of remote work environments. At least 58 governments in developing countries have adopted digital payments to give COVID-19 help, according to a World Bank survey of policy responses to the pandemic. At least 36 countries received the funds in fully functional accounts that may be used for saving or transactions in addition to withdrawing cash. Financial inclusion necessitates such extensive capability. Further, the emergence of the pandemic in 2020 has prompted a slew of challenges for global market operations. Healthcare infrastructures of developed economies have collapsed due to the rising number of COVID-19 cases. As a result, the public healthcare emergency will require the governments and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives to recover the losses during the forecast period. In addition, the increased investments bode well for the digital payment market in the following years.

Market Segmentation:
                            
By Component (Solution, Services); Application (Energy Trading, Grid Management, Supply Chain Management, Payment Schemes, Government Risk and Compliance Management, Others)

by End User (Power Sector, Oil and Gas Sector)

If opting for the Global version of Digital Payments Market analysis is provided for major regions as follows:

- North America (USA, Canada and Mexico)

- Europe (Germany, France, the United Kingdom, Netherlands, Russia , Italy and Rest of Europe)

- Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India and Southeast Asia)

- South America (Brazil, Argentina, Colombia, rest of countries etc.)

- Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Nigeria and South Africa)

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

Deployment Segment Insights

Based on deployment, the digital payment market is bifurcated into on-premise and cloud-based. The cloud-based segment led the market in 2020. Cloud-based deployment provides built-in data security, on-demand scalability, and the capacity to quickly perform intensive computing activities. The cloud is a significant enabler of digital wallets. As digital wallets become popular, these benefits might greatly improve existing functionality and even lead to new innovations. The use of remote virtual storage eliminates the need for physical servers, reducing the risk of outage and disaster. Clouds also provide robust cybersecurity protections and can meet critical regulatory standards, such as the Payment Card Industry Data Security Standard (PCI DSS), which is particularly relevant in the financial services industry.

Key Benefits:

o This study gives a detailed analysis of drivers and factors limiting the market expansion of Digital Payments

o The micro-level analysis is conducted based on its product types, end-user applications, and geographies

o Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players

o By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Digital Payments market

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The research study can answer the following Key questions:

What will be the progress rate of the Digital Payments Market for the conjecture period, 2020 - 2028?

What are the prominent factors driving the Digital Payments Market across different regions?

Who are the major vendors dominating the Digital Payments industry and what are their winning strategies?

What will be the market scope for the estimated period?

What are the major trends shaping the expansion of the industry in the coming years?

What are the challenges faced by the Digital Payments Market?

Some Points from TOC:
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Regulatory Scenario by Region/Country
1.4 Market Investment Scenario Strategic
1.5 Market Analysis by Type
1.5.1 Global Digital Payments Market Share by Type (2020-2028)
1.5.2 Type 1
1.5.3 Type 2
1.5.4 Other
1.6 Market by Application
1.6.1 Global Digital Payments Market Share by Application (2020-2028)
1.6.2 Application 1
1.6.3 Application 2
1.6.4 Other
1.7 Digital Payments Industry Development Trends under COVID-19 Outbreak
1.7.1 Region COVID-19 Status Overview
1.7.2 Influence of COVID-19 Outbreak on Digital Payments Industry Development

Global Market Growth Trends
2.1 Industry Trends
2.1.1 SWOT Analysis
2.1.2 Porter's Five Forces Analysis
2.2 Potential Market and Growth Potential Analysis
2.3 Industry News and Policies by Regions
2.3.1 Industry News
2.3.2 Industry Policies

Continued.....

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