Market Analysis
The Digital Payment Market is predicted to touch USD 120,245.9 million at a whopping 16.77% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Digital payment, simply put, is a payment method that is done through a digital mode. Here, both the payee and payer use digital modes for sending and receiving money. Digital payment is also known as electronic payment. This payment does not involve any hard cash.
Various factors are propelling the global digital payment market share. According to the recent MRFR report, such factors include the increasing awareness about the different perks of digital payment usage, reliable and safer than traditional methods with less scope for robbery and theft, the proliferation of smartphones, government initiatives to promote digital payment, and proliferation of mobile payments. Additional factors adding market growth include digital innovation and the adoption of advanced technologies like AI, machine learning, and blockchain. Additional factors fuelling market growth include the growing demand for better customer experience, an increase in e-commerce industries, increasing use of mobile wallets to make transactions, global digitalization, and increasing use of digital payment during the COVID-19 pandemic.
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On the contrary, concerns about security & domination of billing that are paper-based may impede the global digital payment market growth over the forecast period.
Key Players
Industry players profiled in the global digital payment market report include YapStone, Inc. (US), Wirecard AG (Germany), First Data Corporation (US), PayPal Holdings, Inc. (US), Adyen NV (Netherland), Global Payments Direct, Inc. (US), ACI Worldwide, Inc. (US), Stripe (US), BlueSnap Inc. (US), Novatti Group Limited (Australia), Aurus Inc. (US), Fiserv, Inc. (US), PayU (Netherland), and Aliant Payment Systems Inc. (US).
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global digital payment in healthcare market based on vertical, organization size, deployment, and component.
By component, the global digital payment market is segmented into services and solutions.
By deployment, the global digital payment market is segmented into on-premise and cloud. Of these, the on-premise segment will lead the market over the forecast period.
By organization size, the global digital payment market is segmented into large enterprises & SMEs. Of these, the large enterprise segment will have a major share in the market over the forecast period.
By vertical, the global digital payment market is segmented into hospitality, healthcare, media and entertainment, retail and e-commerce, IT and telecommunication, BFSI, and others. Of these, the BFSI segment will have a major share in the market over the forecast period.
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Region Analysis
Based on the region, the global digital payment market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, North America is predicted to spearhead the market over the forecast period. The existence of leading digital payment solution providers, spreading out of the mobile commerce industry, developed digital economy, customer willingness, reliable network infrastructure and broadband, & inclination of cashless payments & banking economy contributing to the increasing cashless transactions are adding to the global digital payment market growth in the region.
The global digital payment market in the APAC region is predicted to grow at a fast pace over the forecast period. The proliferation of digitalization, favorable initiatives by the government to use digital payments, especially in developing countries, increase in SMEs, expanding consumer base, and booming e-commerce industry is adding to the global digital payment market growth in the region.
The global digital payment market in Europe is predicted to have sound growth over the forecast period. The mature banking and mobile industry, coupled with the maximum growth of digital wallets, are adding to the global digital payment market growth in the region.
The global digital payment market in the MEA is predicted to have steady growth over the forecast period. Booming banking and financial service industries, healthcare, and transportation and automobile industries is adding to the global digital payment market growth in the region
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