According to the latest report by IMARC Group, titled "Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global digital payment market size reached US$ 56.43 Billion in 2020. Digital payment is a secure payment method that operates over the internet or mobile channels without the involvement of physical exchange of cash. The payment information is stored in a merchant-specific database that is available to both consumers and merchants, which helps in the efficient tracking of transactions. Some of the commonly available digital payment methods include banking cards, mobile wallets, and internet banking. As compared to traditional modes of payments, digital payments are more convenient and flexible, and reduce geographical barriers. These reliable solutions process transactions through secure gateways, which enable users to pay directly from their bank accounts.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Payment Market Trends:
The global digital payment market is primarily being driven by the easy accessibility to high-speed internet, especially in developing economies. This is further catalyzed by the introduction of the 5G network and rising sales of smartphones. Moreover, governments of various nations are increasingly undertaking initiatives to promote cashless transactions. This, along with the sudden outbreak of the coronavirus disease (COVID-19) pandemic, is acting as a major growth-inducing factor as digital payment options are contactless, which, in turn, reduces the chances of the spread of the virus significantly. Other factors, such as the widespread adoption of artificial intelligence (AI) and blockchain technology and increasing mobile payment options, are creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 20.3% during 2021 to 2026.
- On the basis of the component, the market has been bifurcated into solutions and services. At present, solutions dominate the market.
- Based on the payment mode, the market has been divided into bank cards, digital currencies, digital wallets, net banking, and others.
- On the basis of the deployment type, the market has been bifurcated into cloud-based and on-premises. Currently, on-premises dominate the market.
- Based on the end use industry, the market has been classified into BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others. At present, BFSI accounts for the largest market share.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. Currently, North America holds the largest market share.
- The competitive landscape of the industry has been examined, 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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