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The global digital payment market reached a value of US$ 56.43 Billion in 2020 and is expected to grow at a CAGR of 20.3% during 2021-2026. Digital payment is an easy, fast, convenient and secure payment method conducted online for procuring a product or service without using cash. It is more reliable than conventional transactions as it is processed by secure gateways that are hard to tamper with and allow users to pay directly from their banks. It is also easily traceable as details of the payments are stored in a merchant-specific database. Merchants and customers both have access to the payment information to avoid ambiguity and confusion while tracking payments.
Global Digital Payment Market Trends and Drivers:
The global market is currently experiencing growth on account of the increasing sales of smartphones and escalating demand for improved consumer experience. Apart from this, increasing initiatives undertaken by governments of various countries to promote digital payments is also inducing the growth of the market as it helps them curb tax frauds and maintain money trails. For instance, the Government of India launched the Digital India initiative in 2015 after demonetization to encourage cashless transactions in the country. Furthermore, the proliferation of mobile payments and digital innovation has revolutionized digital payments due to the increasing adoption of advanced technologies, such as blockchain, machine learning and Artificial Intelligence (AI). Moreover, due to the surge in the cases of the coronavirus disease (COVID-19), governments of various countries have declared complete lockdowns. As the virus can breed on different surfaces like paper, individuals worldwide are relying on digital payments at brick and mortar stores, as well as e-commerce websites, which is fueling the digital payment market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global digital payment market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region, component, payment mode, deployment type and end use industry.
Breakup by Component:
Breakup by Payment Mode:
Breakup by Deployment Type:
Breakup by End Use Industry:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being 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. and Wirecard AG.
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