IMARC Group, a leading market research company, has recently released a report titled “Digital Payment Market Report by Component (Solutions, Services), Payment Mode (Bank Cards, Digital Currencies, Digital Wallets, Net Banking, and Others), Deployment Type (Cloud-based, On-premises), End Use Industry (BFSI, Healthcare, IT and Telecom, Media and Entertainment, Retail and E-commerce, Transportation, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global digital payment market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global digital payment market size is expected to exhibit a growth rate (CAGR) of 15.62% during 2024-2032.
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Global Digital Payment Market
Digital payment refers to the use of electronic methods to conduct transactions, as opposed to traditional methods such as cash or check. It encompasses a wide array of technologies and platforms that enable secure and efficient monetary exchange electronically. These methods are facilitated through various devices like smartphones, tablets, and computers, and involve multiple parties including banks, merchants, and consumers. Two primary components are essential in a digital payment system: the payer and the payee. The payer is the individual or entity initiating the payment, while the payee is the recipient of the funds.
Various tools and technologies, such as mobile wallets, payment gateways, and point-of-sale (POS) systems are used to connect these parties and facilitate the digital transfer of money. One of the most common forms of digital payment is the use of credit or debit cards for online or in-store purchases. These digital payment systems offer several advantages, such as speed, convenience, and sometimes even rewards.
Moreover, they provide enhanced security features like encryption and multi-factor authentication to protect against fraud.
Global Digital Payment Market Trends:
Significant technological advancements represent one of the key factors driving the growth of the digital payment market across the globe. Innovations in technology, including mobile banking apps, contactless cards, and QR code payments, are making digital payments more accessible and convenient, which is encouraging wider adoption. In line with this, the increasing access to the internet and the proliferation of smartphones are providing the necessary infrastructure for the growth of digital payments. Features like encryption, tokenization, and multi-factor authentication are significantly improving the security of digital transactions, which makes consumers more comfortable with using these payment methods.
Many governments are actively promoting the transition to a cashless society through regulations, incentives, and public awareness campaigns. These measures not only foster digital payments but also combat issues like money laundering and tax evasion. The market is also driven by the exponential rise in online shopping which is necessitating secure and efficient payment methods. In addition to this, the demand for quick, convenient, and seamless transactions is driving both businesses and consumers to adopt digital payment solutions.
For businesses, digital payments help lower transaction costs and streamline financial operations, which contributes to the growth of the market. Cross-border transactions are becoming simpler and more efficient due to digital payment platforms, which often offer currency conversion and other services that facilitate international trade, thus bolstering the growth of the market.
Digital payments enable people without access to traditional banking services to participate in the economy, which is enlarging the user base for digital payment platforms. The ability to collect and analyze consumer data allows businesses to better understand purchasing behaviors, which enables more effective marketing and customer engagement. Apart from this, digital payments reduce the need for paper-based methods, which makes them an environmentally friendly option, thus facilitating the growth of the market across the globe.
Digital Payment Market Report Segmentation:
By Component:
Solutions
· Application Program Interface
· Payment Gateway
· Payment Processing
· Payment Security and Fraud Management
· Transaction Risk Management
· Others
Services
· Professional Services
· Managed Services
By Payment Mode:
· Bank Cards
· Digital Currencies
· Digital Wallets
· Net Banking
· Others
By Deployment Type:
· Cloud-based
· On-premises
By End Use Industry:
· BFSI
· Healthcare
· IT and Telecom
· Media and Entertainment
· Retail and E-commerce
· Transportation
· Others
Regional Insights:
· North America
· Asia Pacific
· Europe
· Latin America
· Middle East and Africa
driving innovation in digital payment technologies.
Competitive Landscape with Key Players:
The competitive landscape of the digital payment market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· ACI Worldwide Inc.
· Adyen N.V.
· Aliant Payment Systems Inc.
· Amazon.com Inc.
· American Express Company
· Apple Inc.
· Fiserv Inc.
· Mastercard Incorporated
· Novetti Group Limited
· Paypal Holdings Inc.
· Stripe Inc.
· Total System Services Inc.
· Visa Inc.
· Wirecard AG
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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