North America Digital Payment Market Major Manufacturers, Trends, Demand, Share Analysis to 2028

The North America digital payment market is expected to grow from US$ 38,853.59 million in 2021 to US$ 107,351.18 million by 2028; it is estimated to grow at a CAGR of 15.6% from 2021 to 2028.

North America Digital Payment Market 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. North America Digital Payment Market Retailers develop shopping applications that have easy-to-browse catalogs and a simple checkout experience. Bankers and payment service providers are making significant use of the fact that customers are intrinsically tied to their mobile phones.

North America Digital Payment Market Banks provide banking apps that allow transactions to be completed on mobile devices. Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments, owing to the growth of the digital payment market. North America Digital Payment Market For instance, Apple Pay, Samsung Pay, and Google Pay are among the leading competitors, where they compete with the market leaders in their respective countries. With a consistent rise in mobile payment in several countries, the North America digital payment market is growing at a significant pace.

North America Digital Payment Market While the first half of 2020 led to reduced sales revenue due to the lockdown and halted operations of several industries, the second half of 2020 witnessed a massive surge in online sales. Market players are investing in customer experience management technologies to boost sales and generate revenues. There is an increasing trend of using artificial intelligence, cloud technology, edge computing, machine learning, and IoT technology in North America. Further, the advent of 5G technology, combined with IoT, is expected to create lucrative opportunities for maximizing efficiency and minimizing wastage of resources across various industry verticals. North America Digital Payment Market Progress in vaccination programs and the reopening of businesses are anticipated to fuel the demand for digital payment solutions in the coming years, which is likely to boost the digital payment market in North America during the forecast period.

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The List of Companies

ACI Worldwide, Inc.

Adyen

Block, Inc.

Financial Software & Systems Pvt. Ltd.

Fiserv, Inc.

Global Payments Inc.

Novatti Group Ltd

PayPal Holdings, Inc.

Paysafe Limited

PayU

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Segments Covered

By Component

Solution
Services
By Deployment

Cloud-Based
On-Premises
By Organization Size

Large Enterprises
SMEs
By Industry

BFSI
Retail and Ecommerce
Healthcare
Travel and Hospitality
Media and Entertainment
IT and Telecom
Key Drivers of the Digital Payment Market in North America

1.Technological Advancements- North America Digital Payment Market The adoption of new technologies such as Artificial Intelligence (AI), blockchain, and 5G networks are transforming digital payments. AI has significantly enhanced fraud detection systems, while blockchain technology is improving transparency and reducing transaction costs. The implementation of 5G connectivity promises faster and more secure transactions, making digital payments more seamless and efficient.

2.Shift Towards Cashless Transactions- North America Digital Payment Market Consumers in North America are increasingly favoring cashless transactions due to convenience, security, and efficiency. According to a report by the Federal Reserve, the usage of cash has been steadily declining in the U.S., with a significant shift toward debit and credit card payments, along with the growing adoption of mobile wallets such as Apple Pay, Google Pay, and Samsung Pay. The COVID-19 pandemic further accelerated this shift as people were looking for safer alternatives to physical cash, boosting the demand for digital payment solutions.

3.E-commerce Boom-E- North America Digital Payment Market commerce growth has been another major factor driving the digital payment market. The rise of online shopping, driven by consumer preference for convenience and variety, requires secure and efficient digital payment systems. The pandemic further contributed to the growth of e-commerce, with more consumers opting to shop online, thus requiring reliable digital payment mechanisms.

4.Increasing Smartphone Penetration- North America Digital Payment Market Smartphones have become ubiquitous in North America, acting as a key platform for digital payments. Mobile payments through apps and services have become a significant part of consumers' daily lives. Digital wallets allow users to make purchases online and in-store, and they also facilitate peer-to-peer payments through apps like Venmo, PayPal, and Zelle. According to Statista, mobile payment volume in the U.S. alone is expected to exceed $500 billion in 2025.

North America Digital Payment Strategic Insights
The digital payment market in North America is experiencing rapid growth, driven by technological advancements, evolving consumer preferences, and increasing demand for seamless and secure payment methods. Strategic insights into this market offer valuable data-driven analysis, identifying key trends, competitive players, and regional variations that influence the landscape of digital payments. These insights are essential for businesses, investors, and other stakeholders to develop informed strategies, uncover untapped opportunities, and make proactive decisions that will secure long-term success in this dynamic and competitive environment.

Current Trends in the North America Digital Payment Market
Increased Adoption of Mobile Payments
Mobile payments have become a key driver in the North American digital payment landscape. The ubiquity of smartphones and the rise of mobile payment solutions such as Apple Pay, Google Pay, and Samsung Pay have made it easier for consumers to engage in cashless transactions. The growth of mobile wallets and peer-to-peer (P2P) payment systems like Venmo and Zelle further underscores the shift toward mobile commerce.

With the convenience of mobile payments, consumers increasingly prefer to use their smartphones over traditional payment methods, such as cash or credit cards, for day-to-day transactions.
Shift Toward Contactless and Cashless Transactions
Contactless payments, driven by technologies like Near Field Communication (NFC) and Radio Frequency Identification (RFID), have become more prevalent, especially in the wake of the COVID-19 pandemic. Consumers now expect quick and secure payment experiences, particularly in public places such as retail stores, restaurants, and transportation services. The preference for cashless transactions is growing as more consumers seek safer, more hygienic alternatives to physical money. As a result, contactless payment systems are being adopted by a growing number of businesses, and this trend is expected to continue.

Emphasis on Enhanced Security Features
With the increasing volume of digital transactions, the need for robust security features has become paramount. Fraud prevention, data encryption, multi-factor authentication (MFA), and biometric identification (such as facial recognition and fingerprints) are being implemented to protect users from cyber threats. Financial institutions and payment service providers are investing heavily in advanced security technologies to build trust among consumers and mitigate risks. Blockchain technology is also playing a role in securing digital payments, particularly in cross-border transactions, by offering transparency and reducing the potential for fraud.

Artificial Intelligence and Machine Learning
AI and machine learning are enhancing various aspects of the digital payment ecosystem, from fraud detection and risk management to personalized customer experiences. AI algorithms are being used to analyze large sets of transaction data, identify patterns, and detect fraudulent behavior in real time. Machine learning is also being leveraged to predict customer preferences, offering tailored payment experiences and product recommendations. As these technologies continue to evolve, they will enable businesses to further refine their payment systems and enhance customer satisfaction.

5G and the Internet of Things (IoT)
The advent of 5G networks and the expansion of IoT are expected to have a transformative impact on the digital payment market. 5G's ultra-fast speeds and low latency will improve the efficiency and speed of digital payments, allowing for more seamless transactions in both online and offline settings. Additionally, the IoT will enable new forms of payments through connected devices, such as smartwatches, wearables, and even smart appliances. These innovations will create more opportunities for businesses to engage consumers and expand their payment options beyond traditional channels.

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