Digital Payment Market Future Growth, Latest Technologies, Business Scenario, Key Segments and Forecast to 2028

Digital Payment Market Size, Share and Trends Analysis Report by Offering (Solutions (Payment Processor, Payment Gateway, Payment Wallet, POS Solution), Services (Professional and Managed), Transaction Type (Domestic and Cross Border), Payment Mode, Vertical & Region - Global Forecast to 2028.
The digital payment market [https://www.marketsandmarkets.com/Market-Reports/digital-payment-market-209834053.html?utm_campaign=digitalpaymentmarket&utm_source=abnewswire.com&utm_medium=paidpr] is expected to expand from USD 111.2 billion in 2023 to USD 193.7 billion by 2028, registering a CAGR of 11.8% during the forecast period.

The rising number of online consumers and evolving payment preferences are driving the demand for digital payment solutions. As new technology providers enter the market to address gaps in customer experience left by established firms, competition in the payments industry continues to intensify. Additionally, digital currencies are making their way into the global payments landscape, poised to transform investment and monetary financing systems with their innovative technology, instant transaction capabilities, and enhanced security features.

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By Solution, the payment processors segment holds the largest market size during the forecast period.

The payment processor provides a connection between the issuer bank and the merchant bank, as well as enables merchants to receive payments. Payment processing solutions offer a secure and scalable processing platform that processes domestic, inter-regional, and international credit card transactions. The payment processor sector within the financial industry pertains to firms or entities that facilitate electronic payment transactions between merchants and consumers. These payment processors have a crucial function in guaranteeing the secure and effective movement of funds across a spectrum of transactions, encompassing online purchases, in-person transactions, mobile payments, and other forms of financial interactions

By offering, the service segment is expected to grow with the highest CAGR during the forecast period.

The services segment has been broadly classified into professional services and managed services. The professional services segment includes consulting, implementation, and support and maintenance. Digital payment vendors offer professional and managed services to plan, design, implement, and deploy digital payment solutions. Support and maintenance services help ensure the overall development of digital payment solutions, which is expected to drive the growth of the services segment.

Asia Pacific is expected to hold the largest market size during the forecast period.

The APAC region is experiencing rapid adoption of digital payments due to favorable regulatory conditions, infrastructure enhancements, widespread smartphone use, and affordable data rates. This growth trajectory is particularly robust as governments in the region actively promote digital transformation, resulting in significant industry-wide changes. Regulatory and market shifts are replacing the marketplace. With the emergence of the new challenger bank and fintech offerings, digital payment services have led to increased customer experience and collaboration between banks and fintech institutions in the region. The rapid eCommerce adoption also contributes to the increased use of digital payment solutions.

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Unique Features in the Digital Payment Market

Digital payment systems enable real-time transactions, eliminating delays associated with traditional banking methods. With advancements such as instant bank transfers, contactless payments, and blockchain-based solutions, users can complete transactions within seconds.

The digital payment ecosystem is rapidly evolving with the integration of AI, machine learning, and blockchain. AI-driven fraud detection, predictive analytics, and chatbot-based payment assistance enhance security and user experience.

The growing adoption of NFC (Near Field Communication) and QR code-based payment systems has accelerated the shift towards contactless transactions. Mobile wallets and apps like Apple Pay, Google Pay, and Samsung Pay provide users with convenient and secure payment options.

Cryptocurrencies and government-backed CBDCs are redefining the financial landscape. These digital currencies offer faster cross-border transactions, enhanced transparency, and reduced dependency on traditional banking infrastructures.

Major Highlights of the Digital Payment Market

Consumers are increasingly opting for digital payment methods over traditional cash and card transactions. The convenience of mobile wallets, contactless payments, and one-click checkout options is reshaping payment preferences globally.

The payments landscape is becoming more competitive as fintech companies, big tech players, and startups introduce innovative solutions to address gaps left by traditional financial institutions. This has led to greater innovation in payment technology.

The widespread adoption of NFC, QR codes, and biometric authentication has accelerated the use of contactless and mobile payment solutions. These technologies enhance transaction speed, security, and user convenience.

Cryptocurrencies and Central Bank Digital Currencies (CBDCs) are gaining traction, revolutionizing the financial ecosystem. Their integration into payment systems offers faster transactions, improved security, and reduced reliance on conventional banking.

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Top Companies in the Digital Payment Market

The digital payment market comprises major providers, such as 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), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil). To increase their market share in the Digital payment industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.

PayPal:

PayPal is a leading technology platform and digital payments company. It enables digital and mobile payments on behalf of consumers and merchants across the globe. In April 2023, the new version of PayPal Payment Solution provided acceptance of PayPal payments with Apple Pay, save payment methods with PayPal Vault, and real-time account updater. In October 2021, PayPal launched Zettle Terminal, a new, all-in-one point-of-sale solution that offered increased mobility in-store for small businesses. The Zettle Terminal will be available in the UK beginning today and will continue to roll out across additional markets in Europe in 2021 and into 2022 and the US next year.

Fiserv:

Fiserv is a financial technology and solutions company. The company offers financial services to clients across various industries. The company operates through three business segments: Merchant Acceptance, Financial Technology (Fintech), and Payments. The Payments segment includes products and services required to process digital payment transactions, including card transactions such as debit, credit, and prepaid card processing and services, a range of network services, security and fraud protection products, and card production and print services for financial institutions and corporate clients. In March 2023, Fiserv launched version V11.0 of Banking Hub, bringing about a new API in the Indirect Liability service. In November 2021, Fiserv introduced Clover Online Ordering with Delivery, which provided flexible food delivery services with direct menu management, order and payment processing, and reporting through the Clover platform.

FIS (US):

FIS offers a wide range of financial services and digital payment solutions, including payment processing, banking software, and e-commerce solutions. Their Worldpay division provides comprehensive payment processing services for merchants globally, supporting a variety of payment methods and currencies.

Global Payments (US):

Global Payments provides technology and software solutions for processing payments across various channels, including in-store, online, and mobile. They offer a unified platform that enables businesses to accept payments, manage transactions, and optimize their operations.

Square (US)

Key Offering: Square offers a suite of financial services and hardware products, including point-of-sale (POS) systems, online payment processing, and business management tools. Their Square POS system is widely used by small to medium-sized businesses for seamless payment acceptance and management.

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