Global Digital Payment Market to Grow at 16.4% During 2023-2028, Spurred by Rising Online Shopping Activities

According to the latest report by IMARC Group, titled "Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global digital payment market size is expected to exhibit a CAGR of 16.4% during the forecast period (2023-2028). Digital payment refers to a payment process wherein the transfer of value from one payment account to another is done using digital devices, such as mobile phones, points of sales (POS), or computers. It comprises faceless and cashless payments using credit and debit cards, a unified payments interface (UPI), internet banking, mobile wallets, and chip and pin. It is protected by strong passcodes and one-time passwords (OTPs) to prevent money loss from phishing attacks. It also enhances traceability and accountability to reduce corruption and theft. It offers financial inclusion by increasing access to a wide range of financial services, such as savings accounts, credit, and insurance products. 

Global Digital Payment Market Trends:

At present, the rising adoption of digital payments, as they help save money on processing fees and eliminate the requirement of cash management, represents one of the primary factors influencing the market positively. Besides this, the increasing online shopping activities among the masses to purchase things remotely, save time, and avail lucrative offers are propelling the growth of the market. In addition, the growing utilization of smartphones and smart wearable devices to make cashless payments and access the internet is offering a favorable market outlook. Apart from this, the rising availability of 5G networks worldwide is contributing to the growth of the market. Additionally, key market players are developing artificial intelligence (AI) powered payment gateways to make cashless payments more effortless and spontaneous. Furthermore, as it is convenient, fast, and can be made from anywhere and at any time, the utilization of digital payment is increasing around the world. 

Market Summary:

• On the basis of the component, the market has been bifurcated into solutions (application program interface, payment gateway, payment processing, payment security and fraud management, transaction risk management, and others) and services (professional services and managed services). Solutions (application program interface, payment gateway, payment processing, payment security and fraud management, transaction risk management, and others) represented the largest segment in the market.
• Based on the payment mode, the market has been classified into bank cards, digital currencies, digital wallets, net banking, and others. At present, digital wallets hold the biggest share in the market.
• On the basis of the deployment type, on-premises exhibit a clear dominance in the market, followed by cloud-based.
• Based on the end use industry, the market has been segregated into BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others. BFSI dominates the market.
• Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, the North America (the United States and Canada) enjoys the leading position in the market.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the 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., and Wirecard AG.

Report Scope:

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