Research report presented by UnivDatos, Emphasis on
Type (Solutions, Services), Deployment (On-Premises, Cloud), Payment Mode (POS
Payment, Digital Commerce), Payment Enterprises (Large, SME), End-User (BFSI,
Healthcare, IT & Telecom, Media & Entertainment, Retail &
E-Commerce, Transportation, Others) and Geographical analysis (key regions
and countries).
As per the research report, 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.
In
the payments industry, digital payment is a revolution. With digitization and
continuing technical advancement, they would be able to give customers and
companies more personalised, secure, and versatile payment options. Digital
payments will also help in budgeting, financial integration, and preventing and
combating economic crime. Digital payment solutions have also been implemented
in developed countries. Developed economies have had a cashless payment system
based largely on credit cards for many decades, but the legacy systems have
unexpectedly become a challenge in recent years. Growing economies such as
China, India, and Eastern Europe are now much slower to embrace modern payment
technologies than "Western" markets.
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Since
January 2018, one million users have joined the internet every day. In 2019,
there were 4.39 billion internet users worldwide, up 366 million from the
previous year. The adoption of digital payment infrastructure is being driven
by the explosion of smartphones and digital initiatives. The government is
taking steps, for example, the Digital India initiative, which is a flagship
programme of the Indian government with the aim of transforming India into a
technologically driven community and information economy.
The
COVID-19 pandemic is wreaking havoc on the world's population. In the United
Kingdom, contactless technology is now used in two out of every five card
purchases. According to statistics, there are 20 million contactless
transactions a day, or more than 235 per second. On retail websites such as
Amazon, as well as mobile payment applications, online shopping has become
increasingly popular. Cashback programmes are gaining popularity all around the
world. The market is expanding at a breakneck pace in the United Kingdom. This
serves as a further benefit of digital payment. However, operational issues
such as cross-border transfers and card data protection are impeding the
acceptance of digital payment.
Insights Presented in the Report
“Amongst Type, Solution segment holds the major share”
The
market is divided into solutions and services based on type. There are a
variety of digital payment options on the market. Annually, more than 75
billion transactions are processed. A rise in solution adoption has resulted in
an increase in service adoption.
For a detailed analysis of the applications in the Digital Payment Market browse
through – https://univdatos.com/report/global-digital-payment-market-current-analysis-and-forecast-2020-2026
“Amongst Deployment, On-premise is expected to dominate the market
during the analyzed period”
The
industry is divided into two segments based on deployment: cloud and
on-premise. In 2019, on-premise had a highest share of 68 percent. Cloud-based
solutions, on the other hand, are more stable and advanced. According to a poll, 54
percent of businesses expect to shift more of their payment systems to the
cloud in the near future, owing to the more convenient payments that can be
made using this infrastructure.
“Amongst Payment Mode, Digital Commerce is expected to dominate the
market during the analyzed period”
The
market is divided into two segments based on payment mode: POS Payments and Digital
Commerce. The point of sale, also known as the POS, is the location where a
purchase takes place. A buyer and a merchant are included in a POS contract, as
well as a product or service that is obtained in the POS system. With a market
share of 60% in 2019, digital commerce led the market.
“Amongst Enterprise size, Large Enterprises is expected to dominate the
market during the analyzed period”
The
business is divided into large and small businesses based on the market
segmentation of payment enterprises. To make transactions simpler for
consumers, large businesses have introduced digital payment infrastructure. The
rising acceptance of digital payments, on the other hand, is motivating SMEs to
embrace digital payments. Furthermore, the COVID-19 pandemic has accelerated
development.
“Amongst End-user, BFSI is expected to dominate the market during the
analyzed period”
The
industry is divided into BSFI, healthcare, IT & telecom, media among
entertainment, retail and e-commerce, and others based on end-user
segmentation. In 2019, BFSI led the industry with a 22 percent market share. The
government has taken a number of steps to increase the use of digital payment
solutions. Electronic toll collection for cars is now possible thanks to the
use of FASTag. This allows for a quicker commute and easier collection without
having to wait in line.
“North America represents one of the largest markets of Digital payment
market”
A
quantitative research was performed for various regions in the economy,
including North America (the United States, Canada, and the Rest of North
America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of
Europe), Asia-Pacific (China, Japan, India, Australia, and the Rest of APAC),
and the rest of the world, to gain a clearer understanding of the business
dynamics of the digital payment market. In 2020, the United States brought in $21.1 million
in sales. Because of its high level of understanding, the United States has the
highest demand for digital payments.
Customization Options:
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.
Table of Contents
1 Market
Introduction
2 Research
Methodology or Assumption
3 Industry
Performance
4 Executive
Summary
5 Regulatory
Framework of Digital Payment
6 Market
Overview
7 Impact of COVID-19 pandemic
on Digital Payments Market
8 Demand and
Supply Side Analysis
9 Digital
Payment Market Value Chain
10 Market Insights
by Type
11 Market
Insights by Deployment
12 Market
Insights by Payment Mode
13 Market
Insights by Payment Enterprises
14 Market
Insights by End-User
15 Market
Insights by Region
16 Competitive
Scenario
17 Top Company
Profiles - ACI Worldwide, WEX, Adyen,
Global Payments, Fiserv, Novatti, PayPal, Paysafe, Worldpay
