Digital Payment Market Tech-Driven Transactions: A Look at Innovation in the Digital Payment Market

Digital Payment Market worth $266.61 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Digital Payment Market- (By Offering (Solutions (Payment Gateway, Payment Processors, Payment Wallet, Point of Sale, and Other Solutions), Services (professional services (Consulting, Implementation, Support & Maintenance), Managed Services), By Transaction Type (Domestic and Cross Border), Payment Mode (Cards, Digital Wallet, ACH Transfer), By Vertical (BFSI, Retail & E-commerce, Healthcare, Travel & Hospitality, IT & ITeS, Telecom, Transportation & Logistics, Media & Entertainment, Other Verticals)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Digital Payment Market is valued at US$ 103.41 Bn in 2022, and it is expected to reach US$ 266.61 Bn by 2031, with a CAGR of 11.26% during a forecast period of 2024-2031.

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The Rise of Digital Payments: Transforming Financial Transactions
Digital payments, encompassing electronic money exchanges between individuals, companies, and organizations, have revolutionized how we conduct financial transactions. This broad category includes various options like digital wallets, contactless payments, smartphone payments, and internet payments. Secure payment gateways, mobile devices, and internet-based technologies facilitate these transactions on digital platforms.

The widespread adoption of digital payments in recent years has significantly altered the landscape of financial transactions for both businesses and consumers. The digital payments industry is fiercely competitive, with various companies offering a range of services. Fintech startups, established financial institutions, and technology companies are all actively involved in this growing market.

Several factors are driving the digital payment sector's growth, including the e-commerce boom and continuous technological advancements. Global leaders like Apple Pay, Google Pay, Alipay, and Samsung Pay have emerged in recent years. These corporations have expanded their reach by investing in new technologies and integrating digital payment systems into their offerings. For example, the Chinese e-commerce giant Alibaba created Alipay to streamline business processes, enhance customer interaction, and facilitate secure payments between buyers and sellers on its platform.

List of Prominent Players in the Digital Payment Market:

• Spreedly (US)
• Dwolla (US)
• BharatPe (India)
• Payset (UK)
• PaySend (UK)
• MatchMove (Singapore)
• Ripple (US)
• EBANX (Brazil)
• PayPal (US)
• Fiserv (US)
• FIS (US)
• Global Payments (US)
• Square (US)
• Stripe (US)
• VISA (US)
• Mastercard (US)
• Worldline (France)
• Adyen (Netherlands)
• ACI Worldwide (US)
• Temenos (Switzerland)
• PayU (Netherlands)
• Apple (US)
• JPMorgan Chase (US)
• WEX (US)
• FLEETCOR (US)
• Aurus (US)
• PayTrace (US)
• Stax by FattMerchant (US)
• Verifone(US)
• Others

Market Dynamics:
Drivers-
Consumers are quickly adopting non-cash payment alternatives that provide a simpler and more convenient way to transfer funds across bank accounts. As a result, lower-cost terminals and asset-lite alternatives such as QR codes are projected to increase significantly in the future years.

This expanding digital payment trend is primarily attributable to millennials' quick embrace of digital payment systems. Furthermore, increasing the desire for improved user experiences is a crucial component driving business growth. Providing a better customer experience becomes increasingly competitive as payment services improve. Providers can communicate with their customers using these services. This is one of the most recent developments in the digital payment market.

Challenges:
The lack of global cross-border payment standards, as well as a lack of expertise among emerging economies, are impeding the growth of the digital payment market. Cross-border trade has increased year after year, with businesses increasingly sourcing goods and services from around the world. The obstacles include the absence of global payment systems that provide user-friendly experiences, the absence of uniform standards, and various government restrictions in different nations.

Each country has its own set of payment legislation and data storage restrictions, which leads to inefficiencies in cross-border payments. Domestic payment infrastructures are frequently designed for objectives other than facilitating cross-border transactions. The absence of a globally standardized framework for cross-border payments presents many issues in international finance.

Regional Trends:
Asia Pacific region Digital Payment Market is expected to register a major market share in terms of revenue and it is projected to grow at a high CAGR in the near future. Mobile payments and digital wallets are projected to be more popular in APAC than other regions. Because India and China have large populations, smartphone penetration is significant, creating attractive potential in the digital payment business.

Furthermore, North America is one of the world's major digital payment markets. The excellent technological infrastructure of the region, high internet penetration rates, and a huge pool of tech-savvy customers all contribute to market growth. The market is expanding as more businesses and consumers adopt digital payment options.

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Recent Developments:

• In Sept 2023, Temenos contributed cutting-edge payment functionalities to IBM Cloud, thereby facilitating the transformation of financial institutions with an emphasis on security and adherence to regulations. Availability was extended to the Temenos Payments Hub on IBM Cloud for Financial Services throughout IBM's hybrid cloud infrastructure, powered by LinuxONE and Red Hat OpenShift with IBM Power.

• In Aug 2023, PayPal Holdings Inc introduced stablecoin, making it the first major financial company. This action has the potential to greatly enhance the sluggish acceptance of digital tokens for transactions.

Segmentation of Digital Payment Market-
By Offering-
• Solutions
o Payment Gateway Solutions
o Payment Processor Solutions
o Payment Wallet Solutions
o Point of Sale (POS) Solutions
o Others
• Services
o Professional Services
 Consulting
 Implementation
 Support & Maintenance
o Managed Services
By Transaction Type-
• Domestic
• Cross Border
By Payment Mode-
• Cards
• ACH Transfer
• Digital Wallet
• Others
By Vertical-
• BFSI
• Retail & E-Commerce
• IT & ITeS
• Telecom
• Healthcare
• Travel & Hospitality
• Transportation & Logistics
• Media & Entertainment
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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