Digital Payment Market Growth, Outlook, Demand, Keyplayer Analysis and Opportunity 2023-2028

Author: Elena Anderson

Marketing Manager

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Global Digital Payment Market Research Report 2023-2028:

The latest report by IMARC Group, titled “ Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 20 23-2028

,” finds that the global digital payment market is expected to grow at a CAGR of 16.4% during 20232028.

Digital payment, also known as electronic payment, refers to a fast, convenient, and secure payment method that involves transferring money over the internet or electronic channels. Some commonly used digital payment methods include internet banking, mobile wallets, unified payments interface (UPI), and banking cards. It allows individuals to pay directly from their banks and enables efficient tracking of transactions by storing payment details in a merchant-specific database available to both consumers and merchants. It is more reliable, transparent, and safer than traditional payment methods as the transactions are processed by secure gateways. In recent years, digital payment solutions have gained immense traction due to their excellent payment security, traceability, ease of use, fast processing, and low theft risk..

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Global Digital Payment Market Trends:

The rising penetration of smartphones and high-speed internet represents the primary factor driving the market growth. Besides this, the advent of the cashless age and the escalating demand for enhanced user experiences are other major growth-inducing factors. Additionally, governments of various countries are taking favorable initiatives to promote cashless transactions to reduce tax frauds and maintain money trails. In line with this, the implementation of lockdowns and social distancing norms amid the sudden outbreak of coronavirus disease (COVID-19) has accelerated the adoption of digital payments as they are contactless and help curb the spread of the virus.

Furthermore, the leading players are leveraging innovative technologies, such as blockchain, big data, machine learning (ML), and artificial intelligence (AI), to enhance their product offerings and gain a competitive edge in the market. Besides this, the widespread adoption of the quick response (QR) code and near-field communication (NFC) technology has propelled the market growth. Other factors, including the emergence of the 5G network, surging popularity of mobile payments, rising trend of online shopping, increasing penetration of e-commerce channels, and technological advancements, are also providing a positive thrust to the market growth.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/digital-payment-market

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Key Market Segmentation

The research report includes the following segments:

Breakup by Component:

• Solutions

o Application Program Interface

o Payment Gateway

o Payment Processing

o Payment Security and Fraud Management

o Transaction Risk Management

o Others

• Services

o Professional Services

o Managed Services

Breakup by Deployment Type:

• Cloud-based

• On-premises

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Breakup by Payment Mode:

• Bank Cards

• Digital Currencies

• Digital Wallets

• Net Banking

• Others

Breakup by End Use Industry:

• BFSI

• Healthcare

• IT and Telecom

• Media and Entertainment

• Retail and E-commerce

• Transportation

• Others

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

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Competitive Landscape with Key Players:

• 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.

1. How has the global digital payment market performed so far and how will it perform in the coming years?

2. What has been the impact of COVID-19 on the global digital payment market?

3. What are the key regional markets?

4. What is the breakup of the market based on the component?

5. What is the breakup of the market based on the payment mode?

6. What is the breakup of the market based on the deployment type?

7. What is the breakup of the market based on the end use industry?

8. What are the various stages in the value chain of the industry?

9. What are the key driving factors and challenges in the industry?

10. What is the structure of the global digital payment market and who are the key players?

11. What is the degree of competition in the industry?

Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/digital-payment-market/toc

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Partial List of Clients

We are the trusted business partners to the world's leading corporates, governments, and institutions

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