Market Overview
Digital payments are financial transactions conducted electronically with authentication used on both ends as security of payment. It has become imperative in measuring the financial growth of nations and used in improving transparency and boosting economic growth. The global digital payments market report by Market Research Future (MRFR) contains insights, opportunities, and challenges to be faced by payment technology developers for the period of 2020 to 2027 (forecast period). The COVID-19 pandemic and its impact on the market are explored in detail.
Market Scope
The Digital Payment Market is expected to register a 16.77% CAGR during the forecast period. The market was valued at USD 40,633.3 million in 2020 and expects to reach USD 120,245.9 million by 2027.
Inclination towards cashless modes of payment due to modern infrastructure for encouraging IT and telecommunication growth can drive the market growth. The acceptance of smartphones and the use of Internet for conducting financial transactions can drive the market demand. High usage rates of mobile applications and acceptance of digital payment in supermarkets and other stores can bode well for the market.
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Rise in payments for the healthcare sector due to rise of millennials and notifications and alerts for pending bills can bode well for the market. The ease of paying large bills by splitting it into monthly installments is likely to favor the market. User-friendliness, low risk, convenience, and traceability are advantages of digital payment expected to drive its adoption.
The COVID-19 outbreak has brought to the fore the need for contactless payments for staving off the chances of infection. Various modes of payment such as UPI, IMPS, and NEFT for facilitating fund transfers and purchase of goods and services can ensure a steady demand in the global digital payment market. But increasing cases of online frauds and concerns of patient data leaks are major challenges faced by the market.
Segmentation
Based on deployment, the market has been classified as cloud and on-premise. In a cloud-based digital payment, there are limited chances of a single point of failure (SPOF) as all devices, components, and network paths are duplicated and reserved. Digital issuance systems are used for storing all the credentials securely on the cloud and issuing them to mobile applications which have been previously installed on the device. On the other hand, enterprises prefer the on-premises deployment of digital payment solutions to gain complete control over their infrastructure and assets as well as enhance their online security measures. These solutions help merchants in managing any payment device across any application from a centralized and secure managed platform.
By component, it is segmented into solution and services.
By organization size, it is segmented into large enterprise and small & medium enterprise.
By vertical, it is segmented into media & entertainment, retail & e-commerce, hospitality, healthcare, BFSI, IT & telecommunication, and others. The healthcare vertical is segmented to generate huge returns for the global digital payments market owing to rise of contactless payments and ease in digital bills. Rise of medical bills, the increase in living expectancy of people, and digitization for bringing down healthcare costs are factors expected to drive the vertical growth over the forecast period.
Regional Analysis
The global digital payment market, by region, has been segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America is expected to dominate the global digital payments market during the forecast period due to the presence of a large number of solution providers in the region. North America accounted for the largest market value of USD 13,864.1 million in 2020; the market is expected to register a CAGR of 17.50% during the forecast period.
Competitive Outlook
Aliant Payment Systems Inc., PayU, Aurus Inc., YapStone, Inc., Novatti Group Limited, Wirecard AG, Worldpay, Inc., ACI Worldwide, Inc., BlueSnap Inc., Fiserv, Inc., Global Payments Direct, Inc., Adyen NV, PayPal Holdings, Inc., First Data Corporation, and Stripe are key players of the global digital payment in healthcare market.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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