Global Digital Payment Market Insights
Digital Payment Market size was valued at USD 61.3 billion in 2021 and is poised to grow from USD 74.08 billion in 2022 to USD 361.3 billion by 2030, growing at a CAGR of 20.8% in the forecast period (2023-2030).
The increasing inclination towards real-time payments among the customers is one of the key factors supporting the growth for digital payment market. More than 6 billion people in the world use digital payment options on a regular basis. The advantages associated with it such as easy access, faster payments, transparency, and security of the payment among others, contribute significantly to this rising popularity and adoption of digital payments across the globe.
According to the Times of India (TOI), more than 180 billion digital transactions were processed all over the world in 2021 and is expected to increase at a rapid rate in the upcoming years. Digital payments can be done through various modes such as debit/credit cards, net banking, mobile banking, Unified payments Interface (UPI) among others. This provides the customers with a variety of options to choose from. As an ongoing trend, the increasing number of transactions via digital payments has been upsurging.
India currently accounts for more than 40% of the digital transactions processed all over the world making it the leading country in the digital payment market. This is due to the increasing popularity and demand for remote payment options caused by the cumulative effect of increasing use of the internet, smartphones and e-commerce platforms.
Get more info about Digital Payment- https://www.skyquestt.com/report/digital-payment-market
Analysis:
Global Digital Payment Market Segmental Analysis
The global digital payment market is segmented based on payment type, application and region. Based on payment type, the market is categorized into mobile payment, online banking, point of sale, and digital wallet. Based on application, the market is categorized into media & entertainment, retail, banking, finance services & insurance (BFSI), automotive, medical & healthcare, transportation, and consumer electronics. Based on region, Digital Payment Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Digital Payment Market Analysis by Payment Type
On the basis of payment type, the point of sales segment currently accounts for more than 52% of the total global market share, thus dominating the digital payment market. Retail shops execute transactions using point-of-sale systems. Benefits provided by these systems include quick checkout alternatives, a personalized customer experience, and a variety of payment methods. Retailers all over the world are implementing cloud-based point-of-sale systems to boost productivity and enhance customer satisfaction.
Digital Payment Market Analysis by Application
On the basis of application, the Banking, Financial services and Insurance (BFSI) segment is currently dominating accounting for the largest market share in 2021. Banks are encouraged to embrace digital payment solutions due to the increased demand for digital remittance for domestic and international transactions. Additionally, banks are improving their services to compete with companies like Google, Amazon, and Facebook who offer digital payment options. For instance, in order to improve convenience for its customers, Bank of America launched a digital debit card in June 2019 for its customers.
The retail & e-commerce industry is projected to expand at a rapid rate, over the forecast period. One of the key drivers fuelling the retail & e-commerce segment growth is the increasing adoption of mobile-based payment solutions by consumers for retail payments. The digital payment market is expanding concurrently with the rising number of unmanned retail locations around the world.
Digital Payment Market Top Players Company Profiles
- PayPal
- Alipay
- WeChat Pay
- Visa Inc.
- Mastercard Inc.
- American Express Co.
- Apple Pay
- Google Wallet
- Samsung Pay
- Square Inc.
- Stripe Inc.
- Paytm
- Skrill
- TransferWise
- Dwolla Inc.
- Venmo
- Zelle
- Amazon Pay
- QuickPay
- Klarna
About Us:
SkyQuest Technology is leading growth consulting firm providing market
intelligence, commercialization and technology services. It has 450+ happy clients
globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
Tags
Global Digital payment Market Size
Global Digital payment Market Share
Global Digital payment Market Forecast
Global Digital payment Market Analysis
