CHICAGO, Oct. 4, 2023 /PRNewswire/ -- Innovation, greater security, increased accessibility, and a shift towards decentralised and digital-first financial systems characterise the future of the Digital Payment Market. These advancements will have an impact on how individuals and corporations handle and transact their finances in the next years.
The Digital Payment Market size is projected to grow from USD 111.2 billion in 2023 to USD 193.7 billion by 2028, at a CAGR of 11.8% during the forecast period, according to MarketsandMarkets. Rise of eCommerce and adoption of embedded payment system. Internet access has gained more ground, boosting the online shopping industry. Smartphones have also become an essential part of several urban sectors. The growth of eCommerce is driven by rapid technology adoption, which is led by the rising use of devices such as smartphones and tablets and increasing access to the internet through 4G and 5G.
Browse in-depth TOC on "Digital Payment Market"
300 - Tables
70 - Figures
250 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018–2028 |
Base year considered | 2022 |
Forecast period | 2023–2028 |
Forecast units | Value (USD) Million/Billion |
Segments Covered | 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) |
Geographies covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Companies covered | 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) |
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.
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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.
Top Key Companies in 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.
Recent Developments
- 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 April 2023, Square launched Tap to Pay on Android for sellers in the UK. The new technology empowers sellers to securely accept contactless payments with a compatible Android device at no additional cost and without any need for additional hardware.
- In September 2022, the introduction of Worldpay for Platforms merged FIS' extensive merchant and banking solutions into a single platform, incorporating embedded payments technology.
- In February 2022, FIS acquired Payrix. The acquisition positioned FIS to strengthen embedded payments and finance experiences specifically tailored for small- and medium-sized businesses across diverse industries.
- In January 2022, PayPal and Salesforce extended their partnership, offering accelerated access to PayPal's checkout solutions via the PayPal Commerce Platform to global enterprise merchants who integrate through Salesforce Payments.
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Digital Payment Market Advantages:
- Digital payments are speedy and practical because they enable users to conduct transactions from any location with an internet connection, doing away with the necessity for actual cash.
- Financial inclusion is promoted through the accessibility of digital payments to a wide spectrum of people, including those without conventional bank accounts.
- Encryption and authentication techniques are frequently used in digital payment methods, increasing the security of financial transactions and lowering the danger of fraud or theft.
- Digital payments have the potential to be more economical since they do away with the necessity for handling actual cash, which lowers the cost of printing, shipping, and storage.
- Fast and effective transactions are made possible by the almost instantaneous processing of digital payments, particularly in e-commerce and online purchasing.
- Users may more easily keep track of their spending, stick to a budget, and access transaction history for record-keeping needs because to the digital trails left by transactions.
- Cross-border transactions are made possible by digital payments, which streamlines international trade and money transfers.
- Paper checks and receipts are no longer necessary with digital payments, which reduces paperwork and has a positive influence on the environment.
- Digital payment systems streamline invoicing and payment processing, allowing businesses to manage cash flow more efficiently.
Report Objectives
- To determine and forecast the global Digital Payment Market by offering, transaction type, vertical, and region from 2023 to 2028 and analyze various macroeconomic and microeconomic factors that affect the market growth
- To forecast the size of the market's segments with respect to five main regions: North America, Europe, Latin America, Asia Pacific (APAC), and Middle East and Africa (MEA)
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Digital Payment Market
- To provide detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Digital Payment Market
- To profile key market players and provide a comparative analysis based on their business overviews, service offerings, regional presence, business strategies, and key financials.
- To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market.
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