Digital payments are electronic exchanges of money between people, companies, or other entities that take place via digital platforms. These are electronic transactions that frequently take place through mobile apps, online banking, or other digital means. Credit/debit cards, mobile wallets, internet transfers, and cryptocurrencies are examples of digital payment methods. These transactions decrease dependency on hard currency and conventional banking techniques while providing ease, speed, and efficiency. The process involves secure encryption and authentication protocols to safeguard financial information. Modern economies now cannot function without digital payments, which promote financial inclusion and completely change how individuals and organizations handle and transmit money in the digital era.
With evolving technologies, smartphones are increasingly available at reasonable prices and are being affordable for customers, which promote growth of the digital payment market. In addition, massive adoption of online payment for online shopping and development of the payments industry drives the digital payment market growth. Further, a wider audience can benefit from the convenience of digital payments as more people have access to mobile devices and dependable internet. Furthermore, the increasing focus on financial inclusion has been crucial. Digital payment systems offer a competitive alternative in places where access to traditional banking infrastructure is constrained. With the rise of e-commerce and online shopping, customers' expectations for speedy and secure transactions have grown, driving up demand for digital payment solutions. Government initiatives promoting a paperless environment and the adoption of digital payment methods by several sectors of the economy, including healthcare and transportation, have also contributed to the market's expansion. Because of enhanced security measures and the development of cutting-edge technologies like contactless payments and mobile wallets, which have raised acceptance and use, users today feel more confident. In general, the digital payment market is being driven ahead by the confluence of strategic initiatives from the public and commercial sectors, shifting consumer preferences, and technology improvements. However, expensive & geo-locational preference of payment gateways and rise in data breaches and security issues while conducting payments are some of the factors that hamper the market growth. On the contrary, payment industry is introducing a gradual shift toward a digital economy across several countries. In addition, surge in adoption of digital payment across emerging economies and rapid technological advancements in payments sector are expected to provide lucrative opportunities for the market growth in the coming years.
The digital payment market is segmented into offering, transaction type, industry vertical, and region. By offering, the market is differentiated into solution and service. Depending on the transaction type, it is fragmented into domestic and cross border. The industry vertical segment is segmented into BFSI, IT and telecom, healthcare, retail & e-commerce, media & entertainment, transportation, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The digital payment market analysis includes top companies operating in the market such as Paypal Holdings Inc., Adeyn N.V., Fiserv, Inc., ACI Worldwide, Stripe, Inc., Mastercard Incorporated, Temenos AG, FIS Global, Visa, Inc., and PayU. These players have adopted various strategies to increase their market penetration and strengthen their position in the digital payment industry.
With evolving technologies, smartphones are increasingly available at reasonable prices and are being affordable for customers, which promote growth of the digital payment market. In addition, massive adoption of online payment for online shopping and development of the payments industry drives the digital payment market growth. Further, a wider audience can benefit from the convenience of digital payments as more people have access to mobile devices and dependable internet. Furthermore, the increasing focus on financial inclusion has been crucial. Digital payment systems offer a competitive alternative in places where access to traditional banking infrastructure is constrained. With the rise of e-commerce and online shopping, customers' expectations for speedy and secure transactions have grown, driving up demand for digital payment solutions. Government initiatives promoting a paperless environment and the adoption of digital payment methods by several sectors of the economy, including healthcare and transportation, have also contributed to the market's expansion. Because of enhanced security measures and the development of cutting-edge technologies like contactless payments and mobile wallets, which have raised acceptance and use, users today feel more confident. In general, the digital payment market is being driven ahead by the confluence of strategic initiatives from the public and commercial sectors, shifting consumer preferences, and technology improvements. However, expensive & geo-locational preference of payment gateways and rise in data breaches and security issues while conducting payments are some of the factors that hamper the market growth. On the contrary, payment industry is introducing a gradual shift toward a digital economy across several countries. In addition, surge in adoption of digital payment across emerging economies and rapid technological advancements in payments sector are expected to provide lucrative opportunities for the market growth in the coming years.
The digital payment market is segmented into offering, transaction type, industry vertical, and region. By offering, the market is differentiated into solution and service. Depending on the transaction type, it is fragmented into domestic and cross border. The industry vertical segment is segmented into BFSI, IT and telecom, healthcare, retail & e-commerce, media & entertainment, transportation, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The digital payment market analysis includes top companies operating in the market such as Paypal Holdings Inc., Adeyn N.V., Fiserv, Inc., ACI Worldwide, Stripe, Inc., Mastercard Incorporated, Temenos AG, FIS Global, Visa, Inc., and PayU. These players have adopted various strategies to increase their market penetration and strengthen their position in the digital payment industry.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global digital payment market along with the current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global digital payment market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global digital payment market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Offering
- Solution
- Service
By Industry Vertical
- Transportation
- Others
- BFSI
- IT and Telecom
- Healthcare
- Retail and E-commerce
- Media and Entertainment
By Transaction Type
- Domestic
- Cross Border
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Adyen N.V.
- Fiserv, Inc.
- Stripe, Inc.
- Temenos AG
- FIS Global
- PAYU
- PayPal Holdings, Inc.
- ACI Worldwide
- Mastercard Incorporated.
- VISA, INC.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: DIGITAL PAYMENT MARKET, BY OFFERING
CHAPTER 5: DIGITAL PAYMENT MARKET, BY TRANSACTION TYPE
CHAPTER 6: DIGITAL PAYMENT MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: DIGITAL PAYMENT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Adyen N.V.
- Fiserv, Inc.
- Stripe, Inc.
- Temenos AG
- FIS Global
- PAYU
- PayPal Holdings, Inc.
- ACI Worldwide
- Mastercard Incorporated.
- VISA, INC.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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