Digital Payment Market Analysis Top Players Target Audience and Forecast to 2028

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

The growth of the digital payment market is essential for a country's economy as it can enhance productivity, transparency, tax collection, financial inclusion, and create new economic opportunities. The expansion of digital payment methods across the globe is driving the growth of the digital payment market. Online merchants providing incentives such as point of sale and discounts encourage customers to adopt digital payment methods, further driving demand. The rapid evolution of e-commerce, mobile payment technologies, and the increasing popularity of mobile wallets are key factors propelling the growth of the digital payment market. Governments worldwide are also taking initiatives to promote digital payments, which supports economic growth and benefits consumers in various countries.

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Companies Profiled in this report includes:

• Aci Worldwide, Inc
• Adyen
• Financial Software & Systems Pvt. Ltd.
• Fiserv, Inc.
• Global Payments Inc.
• Novatti Group Ltd
• Paypal Holdings, Inc.
• Paysafe Limited
• Block, Inc.
• Payu

REGIONAL OVERVIEW:

Many governments worldwide are driving initiatives to digitize payments, which helps promote economic growth and benefits end-users in numerous countries. An example of such an initiative was seen in June 2021 when Okay and FSS Technologies formed a partnership to provide targeted authentication security for consumer payments, particularly with transaction validation and authentication on mobile devices. FSS is already expanding its commercial potential in Europe by utilizing its next-generation products, technology, and solution offerings. Governments invest heavily in the digital payment industry and undertake various initiatives to digitize the payment process. For instance, the Indian government has taken several key initiatives to increase the transaction rate via Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Unstructured Supplementary Service Data (USSD), Aadhar Pay, and debit cards. The migration to digital payments is being propelled by driving forces such as Digital India, the launch of the Unified Payments Interface (UPI), and the 14444-helpline number. Various companies, such as IRCTC (Railways), Makemytrip, Yatra, Ibibo, Cleartrip (Airlines and hotels), Trivago (hotels), redBus (buses), and Bookmyshow (events), are making efforts to develop their product portfolios for online transactions, contributing to the growth of the digital payment market in India.

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Digital Payment Market Segmentation:

By Component:
• Solutions
o Payment Gateway
o Payment Processing
o Payment Security and Fraud Management
o Point of Sale
o Payment Wallet
• Services
o Professional Services
o Managed Services

By Deployment:
• On-Premise
• Cloud-Based

By Organization Size:
• Small and Medium Enterprises
• Large Enterprises

By Industry:
• BFSI
• Retail and Ecommerce
• Healthcare
• Travel and Hospitality
• Media and Entertainment
• IT and Telecom

MARKET DYNAMICS:

The growth of e-commerce companies and the introduction of digital wallet providers have propelled the adoption of digital payments. Digital wallets offered attractive discounts and cashbacks to entice customers to use this payment channel. The simplicity of use and the increasing penetration of smartphones have further contributed to the widespread adoption of digital wallets. Additionally, digital wallet companies are encouraging customers to use digital wallets for offline POS transactions, such as shopping malls, supermarkets, grocery stores, restaurants, and gas stations, in order to expand their appeal. These POS transactions are expected to comprise the majority of the digital payment's platform in the coming years. As a result, digital wallets are experiencing rapid growth and are playing a significant role in the growth of the digital payment market. Despite the benefits, the digital payment market's growth can be impeded by cyberattacks, which pose the most significant threat the payment industry has experienced in a long time.

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