Digital Payment Market Industry Trends, Future Demands And Growth Factors

Digital Payment Market expected to reach USD 285.37 Billion by 2029, exhibiting a CAGR of 19.3 % during the forecast period (2023-2029).

Digital Payment Market Report Scope and Research Methodology

The comprehensive analysis report offers valuable insights into the dynamics, trends, and future prospects of the Digital Payment industry during the forecast period. It covers key market drivers, challenges, and recent developments, along with demand trends, growth stimulators, spending patterns, and modernization trends across different regions.

Research Methodology:

The research report relies on a combination of primary and secondary data sources. It investigates various factors affecting the digital payment market, including government policies, market dynamics, competitive landscapes, historical data, current trends, technological innovations, and upcoming technologies. Additionally, the report assesses market risks, opportunities, barriers, and challenges. All influencing factors have undergone rigorous analysis, validation through primary research, and evaluation to provide comprehensive quantitative and qualitative data. The report normalizes market sizes for top-level markets and sub-segments while accounting for variables such as inflation, economic downturns, regulatory changes, and more. Detailed inputs and analysis are synthesized to present a comprehensive research report.

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What are Digital Payment Market Dynamics?

Initiatives for the Promotion of Digital Payments: Governments worldwide are utilizing ICT technology to promote digital payments. Measures like Digital India, the introduction of the Unified Payments Interface (UPI), and helpline numbers are driving the transition to digital payments. These initiatives aim to increase productivity, transparency, tax revenue, financial inclusion, and economic opportunities for end users.

Rapid Decline in Unbanked Population: Governments, development organizations, and private sector entities are working to provide financial services to rural and remote populations, resulting in increased access to financial services. Initiatives like the Pradhan Mantri Jan Dhan Yojana in India have significantly reduced the number of unbanked individuals.

Evolving Cyber Attacks on Digital Payments: The rising use of digital payment systems has brought about increased cybersecurity risks, including cyber theft and fraud. Businesses and payment systems are vulnerable to various cyberattacks, affecting security and regulatory compliance. Cyberattacks have the potential to delay the adoption of digital payment systems and services.

Lack of Global Standards for Cross-Border Payments: Cross-border commerce has seen significant growth, but a lack of global payment systems, standardization, and varying government regulations in different countries hinder efficient cross-border payments. This issue negatively impacts banks and businesses and necessitates interventions to collect and restore data for cross-border transactions.

Digital Payment Market Segmentation?

Solution: In 2022, the payment processing segment dominated the digital payment market, accounting for approximately 25.0% of global revenue. Retailers are adopting payment processing solutions to enhance checkout experiences as online shopping preferences continue to rise. Mergers, acquisitions, and collaborations are being pursued by payment processing solution providers to strengthen their market presence.

Mode of Payment: In 2022, the point-of-sale segment led the digital payment market, contributing over 52.0% of global revenue. Point-of-sale systems streamline transactions, offer personalized customer experiences, and provide various payment options, benefiting retailers and restaurants.

Deployment: The on-premise segment held a dominant position in 2022, representing around 65.0% of global revenue. On-premise digital payment solutions offer businesses control over their applications and systems while safeguarding against security threats.

Enterprise Size: In 2022, large enterprises dominated the digital payment market, accounting for over 60.0% of global revenue. Large retailers utilize digital payment systems to facilitate quick checkouts and provide customers with a convenient payment experience.

End-User: In 2022, the BFSI sector led the market, contributing more than 23.0% of global revenue. Remittances to low- and middle-income countries, along with competition from tech giants like Google, Amazon, and Facebook, are driving the growth of the BFSI sector.

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Who are Digital Payment Market Key Players?

1. Total System Services, Inc.
2. Wirecard AG
3. Novetti Group Limited
4. PayPal Holdings Inc.
5. ACI Worldwide Inc.
6. Adyen N.V.
7. Aurus
8. Aliant Payments
9. Alipay
10. Apple Pay
11. Dwolla
12. FattMerchant
13. FIS
14. Fiserv
15. Global Payments
16. Intuit
17. JPMorgan Chase
18. Mastercard
19. PayPal
20. Paysafe
21. PayTrace
22. PayU
23. Spreedly
24. Square
25. Stripe
26. Visa
27. WEX
28. Worldline
29. 2Checkout

Table of content for the Digital Payment Market includes:

Part 01: Executive Summary

Part 02: Scope of the Digital Payment Market Report

Part 03: Global Digital Payment Market Landscape

Part 04: Global Digital Payment Market Sizing

Part 05: Global Digital Payment Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

North America: Dominated the global market in 2022, with over 34.0% of total sales. Increased deployment and technological advancements, such as contactless payments, have driven growth in the region.

Europe: Expected to witness significant growth, driven by initiatives to develop a European payment system and the Italian government's push for electronic payments.

Asia-Pacific: Anticipated to experience rapid growth, with digital wallets becoming the preferred payment method. China, Japan, South Korea, and India are key players in the region's digital payment market.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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