Global Digital
Payment Market is expected to reach the market valuation of US$ 167.6
million by 2026 expanding at a reasonable CAGR of 18.5% during the forecast
period (2021-2026) from US$ 65.3 million in 2020. Digital payment solutions
such as e-wallets, UPI, POS are deployed for the payment.
Since January 2018, 1 million people are using
the internet every day. This number has further grown to 4.39 billion users
worldwide in 2019, an increase of 366 million since the previous year. Today, 5
million people own a mobile phone. More and more people have started using
smartphones and around 2.71 billion people owned a smartphone in 2019. This has
acted as a major driving factor in the escalation of digital payments. People
nowadays prefer paying through e-wallets rather than carrying cash with them.
Further, the government is also promoting the use of digital payment modes as
it is paperless. The government of India for instance has started the “Digital India” initiative for
the promotion of digital payments.
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The onset of the COVID-19 pandemic has impacted
the overall market. Banking is no exception and it has a new catchphrase:
contactless. Contactless payments are gaining momentum since early March as the
World Health Organization (WHO) has warned that banknotes may be capable of
carrying and spreading the novel coronavirus. Figures reveal that 20 million
contactless transactions take place every day, equating to more than 235 per
second. Moreover, rewards and cashback make digital payments more lucrative.
The increase of international trade and
cross-border e-commerce indicates that demand for cross-border payments will
continue to grow. Cross-border payments can be slow, inefficient, and
expensive, but they play an important role in global trade. Also, card data
security is an area of concern these days. As e-commerce expands, opportunities
for fraudulent misuse of payment networks and data theft grow right alongside. However,
cloud infrastructure is deployed by enterprises to keep a check on this.
For a detailed analysis of the increasing demand for Digital payment
during COVID-19 impact browse through- https://univdatos.com/report/global-digital-payment-market-current-analysis-and-forecast-2020-2026
The increasing popularity of digital
payment solutions has led to an increase in the adoption of services as well.
Both large enterprises and SMEs use this mode for the collection of payments by
the customers. There are several end-users of digital payment solutions such as
BSFI, healthcare, IT & telecom, media and entertainment, retail and
e-commerce, and others. Banking, Financial Services and Insurance (BFSI)
attained a market share of 22.4% in 2019.
Additionally, for better investigation and
penetration of digital payment, the report gives an in-detailed analysis of
digital payment adoption across the world. The market is classified into
distinct regions including North America (the U.S and Canada), Europe (Germany,
France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India,
and Australia), and the rest of the world. United States generated revenue of
US$ 16.9 million in 2019. However, Asia-Pacific is expected to witness the
highest CAGR growth with a CAGR of 21% during the forecast period 2020-2026.
ACI Worldwide, WEX, Adyen, Dwolla, Fiserv, Novatti, PayPal, Paysafe, Worldpay,
and Wirecard are some of the prominent players operating in the global digital
payment market. Several M&A’s along with partnerships have been
undertaken by these players to facilitate costumers with more efficient and
innovative products.
Global Digital Payment Market Segmentation
Market Insight, by Type
Solutions
Services
Market Insight, by Deployment
On-premise
Cloud
Market Insight, by Payment Mode
POS Payments
Digital Commerce
Market
Insight, by Payment Enterprise
Large Enterprises
SMEs
Market Insight, by End-User
BFSI
Healthcare
IT & Telecom
Media and Entertainment
Retail and E-commerce
Transportation
Others
Market Insight, by Region
North America
United States
Canada
Rest of North America
Europe
Italy
Spain
France
Germany
United Kingdom
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
Rest of World
Top Company Profiles
WEX
Adyen
Dwolla
Fiserv
Novatti
PayPal
Paysafe
Worldpay
Wirecard
Digital Payment Market can further be
customized as per the requirement or any other market segment. Besides this,
UMI understands that you may have your own business needs, hence feel free to
connect with us to get a report that completely suits your requirements.
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