According to IMARC Group’s latest report, titled “Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global digital payment market is expected to exhibit a CAGR of 17.8% during 2022-2027. Digital payment involves any transaction performed using a digital device, such as a mobile phone,  while eliminating the physical exchange of money. It includes digital wallets, cards, a unified payment interface (UPI), prepaid cards, internet banking, and point of sale (PoS) terminals as common transaction procedures. As compared to traditional payment methods, digital payment is more flexible, secure, fast, and user-friendly as transactions are administered by secure gateways. Due to the aforementioned properties, they are widely adopted in the banking, financial services, and insurance (BFSI), healthcare, retail and e-commerce, and transportation sectors to ensure hassle-free, cashless payment, prevent fraudulent activities, and enhance the overall user experience.

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Market Trends and Drivers:

One of the key factors driving the global digital payment market growth is the widespread adoption of the solution across various industrial verticals due to rapid digitization and the increasing instances of cyberattacks and fraudulent activities. This is further influenced by the rising awareness about the multiple benefits of adopting digital payment platforms, such as easily traceable transactions, storage of payment details in a merchant-specific database, and the provision of direct bank transfers. Additionally, the favorable initiatives being undertaken by governments to promote the uptake of digital payment methods for attaining the objective of a cashless economy are supporting the market growth. Moreover, the extensive usage of e-commerce platforms for purchasing various products, especially during the COVID-19 pandemic, has augmented the need for digital wallets to ensure contactless payment and control the spread of the virus, which, in turn, is impelling the market growth. Furthermore, the large-scale integration of the internet of things (IoT), fifth-generation (5G) networks, blockchain, radio frequency identification (RFID), and near-field communication (NFC) solutions to optimize digital payment processes are supporting the market growth.

Digital Payment Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the digital payment market 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

Key Market Segmentation:

The report has segmented the global digital payment market based on component, payment mode, deployment type, end use industry and region.

Breakup by Component:

  • Solutions
    • Application Program Interface
    • Payment Gateway
    • Payment Processing
    • Payment Security and Fraud Management
    • Transaction Risk Management
    • Others
  • Services
    • Professional Services
    • Managed Services

Breakup by Payment Mode:

  • Bank Cards
  • Digital Currencies
  • Digital Wallets
  • Net Banking
  • Others

Breakup by Deployment Type:

  • Cloud-based
  • On-premises

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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Key Highlights of the Report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

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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