Top Digital Payment Companies in the World | Industry Analysis 2023
Digital payment represents the process of transferring money from one account to another using various digital devices, including mobile phones, computers, points of sales (POS), etc., via the internet. Based on payment mode, it can be categorized into bank cards, digital currencies, net banking, digital wallets, and other types. These digital payment solutions are extremely convenient as they reduce dependency on cash and increase the speed of transactions. They even provide high transparency and security with improved traceability and accountability and lower the risk of money theft. Digital payment systems are processed by secure gateways and enhance financial inclusion by improving access to numerous financial services, which include savings accounts and insurance and credit products. Consequently, they find extensive applications across several sectors, such as media and entertainment, automotive, retail, healthcare, transportation, education, etc. The global digital payment market is expected to exhibit a growth rate (CAGR) of 16.4% during 2023-2028.
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Digital Payment Market Trends:
The growing demand for real-time payment services among the masses that ensure immediate funds availability, instant confirmation, settlement finality, integrated information flows and the increasing improvements in 5G connectivity that is allowing digital payment service providers to implement advanced fraud prevention measures are primarily driving the digital payment companies. Additionally, the escalating adoption of mobile wallets, owing to their enhanced security and flexibility, is also positively influencing the global market. Besides this, the development of POS systems by e-commerce companies to handle online and in-store transactions effectively is acting as another significant growth-inducing factor. Moreover, the elevating utilization of digital modes of transaction in the government segment to facilitate multiple citizen-to-government or C2G and government-to-citizen or G2C payments is expected to catalyze the digital payment companies in the coming years.
List of Top Digital Payment Companies Worldwide:
- 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 (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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