Industry Insight

Market Research Future, in its latest study, reveals that the global Digital Payment Market 2020 is showing an optimistic sign to take a considerable jump relatively at 16.77% CAGR to hit their net worth USD 120,245.9 million by 2025 amid COVID 19 pandemic. The growth of the market would expect to continue in the years (2018-2023), which is stated to be the forecast period.

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Segmentation of Market: Digital Payment

For further analysis of the global digital payment market, segmentation is conducted over component, deployment, organization size, and vertical.

In terms of the component segment: Comprises of solution and services.

In terms of the deployment segment: Comprises of cloud and on-premise.

In terms of organization size: Comprises of Small & Medium Enterprises (SMEs) and large enterprise. 

In terms of Vertical segment: Comprises of BFSI, IT & telecommunication, retail & e-commerce, media & entertainment, healthcare, hospitality, and others.

Region-Wise Analysis

North America led the digital payment market in the year 2018, with a market size of USD 15.8 billion. The expansion of the market can be attributed to the existence of a large number of digital payment solution providers in the region. The spreading out of the mobile commerce industry, coupled with the developed digital economy in the North America region, are additional factors motivating the market. In Canada, various factors such as customer willingness, reliable broadband, and network infrastructure, and inclination for cashless payments and banking economy are broadly contributing to the country’s higher rate of cashless transactions.

The region of Asia Pacific is also likely to appear as the fastest-growing regional market over the forecast period. The proliferation of digitalization from government initiatives to use digital payments in developing countries is also propelling the market. In fact, the rising number of small and medium enterprises in the region is likely to form growth opportunities for players in the future. The growing e-commerce industry in India, coupled with expanding consumer base, is likely to contribute to market growth.

Top Impacting Factors

Digital payment refers to cashless electronic transactions of money. It includes monetary transactions made through the Internet and mobile payments at the point of sale (PoS) through mobile applications (apps). Giant players in the payment market are trying to simplify the payment procedure. Digital payment is the current mode that is carried out with the help of an electronic payment instrument. 

The global digital payment market has witnessed a foremost boost in recent years. The market’s expansion occurred mainly owing to the growing awareness among people over the benefits of digital payment usage. Digital payment is safer and reliable than the traditional method as it eliminates the chances of theft and robbery. Some of the regularly used payment gateways are payment security, payment wallet solutions, fraud management solutions, and POS solutions. 

MRFR finds a surge in usage of the internet across the globe has propelled the digital payment market. Apart from this, the proliferation of Smartphones has also been a significant factor in driving the growth of the global digital payment market. To add in this, the digital payment market is also likely to witness a significant boost in the forecast period owing to the feature of convenience that it offers to the customers. Customers need not carry cash as they can carry ATM cards wherever required. In fact, with technology advancement, the customer now does not have to make the payment physically. They can pay anytime from staying in any part of the world.

Moving forward, a significant initiative by the government bodies across the globe to promote digital payment is also a foremost factor that accounts for increasing global digital payment market size in the future. Also, a significant expansion in the e-commerce industry is contributing to the rapid development of the digital payment market.

Further, the ascend in demand for digital payment solutions is projected mainly owing to the augment in the number of customer-centric payment applications, and an increasing focus on Omnichannel payment mode.

Top Grossing Players

The top-grossing players of the global digital payment market are listed as Aliant Payment Systems Inc. (US), PayU (Netherland), Fiserv, Inc. (US), Aurus Inc. (US), Novatti Group Limited (Australia), BlueSnap Inc. (US), Stripe (US), ACI Worldwide, Inc. (US), Global Payments Direct, Inc. (US), Adyen NV (Netherland), PayPal Holdings, Inc. (US), First Data Corporation (US), Wirecard AG (Germany), and YapStone, Inc. (US).

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