Digital payments are payments made through digital or online channels that do not entail the exchange of actual currency. This type of payment, also known as an electronic payment (e-payment), is the transfer of value from one payment account to another in which both the payer and the payee utilise a digital device such as a mobile phone, computer, or credit, debit, or prepaid card. A firm or an individual might be the payer and payee. This means that in order for digital payments to take place, both the payer and the payee must have a bank account, an online banking method, a device from which to make the payment, and a medium of transmission, which means they must have signed up to a payment provider or an intermediary such as a bank or a service provider. UPI, NEFT, AEPS, mobile wallets, and PoS terminals are all examples of digital payment methods. UPI is the most popular payment method, with transactions exceeding USD 1 trillion in value.
Digital Payment Market was valued at USD 69.55 Billion in 2021, and it is expected to reach USD 285.38 Billion by 2029, exhibiting a CAGR of 19.3% during the forecast period (2022-2029)
Digital Payment Market Overview:
The Digital Payment market research study investigates and analyses the market's position during the forecast period. It is comprehensive research that focuses on primary and secondary drivers, market dominance, important segments, and geographic analysis. The study also examines noteworthy personalities, big partnerships, mergers, and acquisitions, as well as current innovation and corporate strategy.
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Digital Payment Market Scope:
We looked at the Digital Payment Market from every perspective possible, using both primary and secondary research methods. This increased our understanding of current market dynamics such supply-demand imbalances, pricing trends, product preferences, and customer behaviour. The data is then compiled and assessed using a range of market estimates and data validation processes. Furthermore, we have an in-house data forecasting engine that forecasts market growth until 2027.
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Digital Payment Market Segmentation:
According to solution, in 2021, the market was dominated by the payment processing segment, which accounted for around 25.0% of worldwide revenue. As consumers' desire for online shopping expands throughout the world, retailers are implementing payment processing systems to offer seamless checkout experiences to customers. Players who offer payment processing solutions are focusing on mergers and acquisitions as well as collaborations to increase their market share. For instance, PayU bought Red Dot Payment, a provider of payment solutions, in July 2019 to strengthen its position in Singapore.
Digital Payment Market Key Players:
• Total System Services, Inc.
• Wirecard AG
• Novetti Group Limited
• PayPal Holdings Inc.
• ACI Worldwide Inc.
• Adyen N.V.
• Aurus
• Aliant Payments
• Alipay
• Apple Pay
• Dwolla
• FattMerchant
• FIS
• Fiserv
• Global Payments
• Intuit
• JPMorgan Chase
• Mastercard
• PayPal
• Paysafe
• PayTrace
• PayU
• Spreedly
• Square
• Stripe
• Visa
• WEX
• Worldline
• 2Checkout
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Primary and secondary research is used to identify market leaders, and primary and secondary research is utilized to calculate market revenue. In-depth interviews with important thought leaders and industry specialists such as experienced front-line staff, CEOs, and marketing professionals were conducted as part of the core research. Primary research comprised in-depth interviews with prominent thought leaders and industry specialists, such as experienced front-line staff, CEOs, and marketing professionals, while secondary research included a review of the main manufacturers' annual and financial reports. Secondary data is used to calculate percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then compared to historical data. The players highlighted in this report are as follows:
Regional Analysis:
The study takes an in-depth look at the local industry, using both qualitative and quantitative data. It gives a segment-by-segment overview and forecast of the worldwide Digital Payment market. It also offers market size and forecast estimates for five major regions, including North America, Europe, Asia-Pacific, the Middle East and Africa, and South America, from 2021 to 2027. Each area's Digital Payment market is further subdivided into regions and segments. The report investigates and forecasts many countries, as well as existing trends and prospects in the field.
COVID-19 Impact Analysis on Digital Payment Market:
We thoroughly researched and analyzed the Digital Payment Market Development Strategy post-COVID-19, by corporate strategy analysis, landscape, type, application, and leading countries, which encompasses and analyses the potential of the Digital Payment industry, providing statistical data on market dynamics, growth factors, major challenges, PORTER analysis, and market entry strategy analysis, opportunities, and forecasts. The major purpose of the research is to offer industrial businesses a strategic analysis of COVID-19's influence. Simultaneously, this investigation looked into the markets of major countries and highlighted their market potential.
Key Questions Answered in the Digital Payment Market Report are:
What are the most promising high-growth opportunities in the Digital Payment sector, as defined by product category, End User, and Region?
Which Digital Payment market segments will expand the fastest, and why?
Which areas will expand the fastest, and why?
What are the primary elements influencing Digital Payment market dynamics? What are the primary drivers and obstacles in the Digital Payment market?
What are the Digital Payment market's business risks and dangers?
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