Northbrook, IL 60062 -- (SBWire) -- 10/12/2023 --The global Digital Payment Market size is projected to grow from USD 111.2 billion in 2023 to USD 193.7 billion by 2028, at a CAGR of 11.8% during the forecast period, according to research report by MarketsandMarkets™.
According to MarketsandMarkets. Rise of eCommerce and adoption of embedded payment system. Internet access has gained more ground, boosting the online shopping industry. Smartphones have also become an essential part of several urban sectors. The growth of eCommerce is driven by rapid technology adoption, which is led by the rising use of devices such as smartphones and tablets and increasing access to the internet through 4G and 5G.
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300 - Tables
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By Solution, the payment processors segment holds the largest market size during the forecast period.
The payment processor provides a connection between the issuer bank and the merchant bank, as well as enables merchants to receive payments. Payment processing solutions offer a secure and scalable processing platform that processes domestic, inter-regional, and international credit card transactions. The payment processor sector within the financial industry pertains to firms or entities that facilitate electronic payment transactions between merchants and consumers. These payment processors have a crucial function in guaranteeing the secure and effective movement of funds across a spectrum of transactions, encompassing online purchases, in-person transactions, mobile payments, and other forms of financial interactions.
By offering, the service segment is expected to grow with the highest CAGR during the forecast period.
The services segment has been broadly classified into professional services and managed services. The professional services segment includes consulting, implementation, and support and maintenance. Digital payment vendors offer professional and managed services to plan, design, implement, and deploy digital payment solutions. Support and maintenance services help ensure the overall development of digital payment solutions, which is expected to drive the growth of the services segment.
Asia Pacific is expected to hold the largest market size during the forecast period.
The APAC region is experiencing rapid adoption of digital payments due to favorable regulatory conditions, infrastructure enhancements, widespread smartphone use, and affordable data rates. This growth trajectory is particularly robust as governments in the region actively promote digital transformation, resulting in significant industry-wide changes. Regulatory and market shifts are replacing the marketplace. With the emergence of the new challenger bank and fintech offerings, digital payment services have led to increased customer experience and collaboration between banks and fintech institutions in the region. The rapid eCommerce adoption also contributes to the increased use of digital payment solutions.
Market Players
The digital payment market comprises major providers, such as PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil). To increase their market share in the Digital payment industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
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Key Dynamic Factors For Digital Payment Market:
Several dynamic factors that affect the digital payment market shape its development and evolution. The regulatory environment, customer behaviour, security issues, market competitiveness, and collaborations are a few of these elements. Let's examine each of these in greater depth:
Innovation and technological advancements:
Digital payment systems are evolving as a result of technological advancements including mobile devices, contactless payments, biometrics, and blockchain. Innovations strengthen security, enable additional payment methods and platforms, speed up transactions, and enhance the customer experience.
Regulatory Environment:
Regulations have a major impact on how the market for digital payments is developed. Digital transactions, data privacy, consumer protection, and fraud prevention are all governed by laws and regulations. Regulations may help or hinder the development of digital payment systems.
Consumer Behaviour and Preferences: The market for digital payments is highly impacted by shifting consumer preferences and behaviours. People pick and use digital payment methods based on things like speed, convenience, rewards, security, and personalised experiences. Success in the market depends on being able to recognise and respond to consumer requirements.
Data privacy and security issues are still top priorities for both customers and merchants in the digital payment industry. To maintain user confidence, effective security mechanisms like encryption, tokenization, biometrics, and multi-factor authentication are required given the frequency and sophistication of cyber-attacks.
Consolidation of the market and intense competition among diverse companies, such as fintech startups, traditional banks, tech behemoths, and payment processors, promotes innovation and results in the launch of new goods and services.
Collaborations and Partnerships: For the adoption and expansion of digital payment solutions, partnerships and collaborations between fintech firms, banks, retailers, and technology suppliers are essential. Partnerships frequently result in integrated solutions that give users more value and convenience.
Global Economic Trends and Demographics: The adoption of digital payments is influenced by economic factors such as GDP growth, income levels, urbanisation, and demographic changes. Due to greater access to smartphones and internet connectivity, digital payment usage tends to increase as more regions experience economic growth and urbanisation.
Pandemic and health-related events: Due to health issues and the demand for contactless transactions, the COVID-19 pandemic hastened the implementation of digital payments. increase in e-commerce and remote work.
Competitive and Segmentation Analysis:
The trajectory of the digital payment sector, which is highly competitive, is heavily influenced by a number of important dynamic elements. The competitive analysis is one of the key components, where different stakeholders, such as fintech startups, established financial institutions, tech giants, and payment processors, constantly compete with one another to deliver the best innovation, user experience, and service offerings. The goal of this competition is to gain market share and satisfy changing consumer preferences, which stimulates continual technology developments and product improvements.
In addition, segmentation analysis is essential for comprehending and focusing on particular market segments according to demographic, regional, behavioural, or psychographic factors. For market penetration and long-term success, digital payment systems must be customised to address the specific requirements of various segments.
Segmentation enables the creation of specialised services that target certain market niches, such as peer-to-peer transactions, mobile payments, in-app purchases, or cross-border transactions.
The regulatory environment also greatly affects the segmentation and competition in the digital payment market. Regulations controlling market access, business operations, and industry collaborations have an impact on data privacy, security, interoperability, and compliance standards. Following these rules is essential for building credibility and trust, which in turn affects positioning in the market and competitive advantage.
Another dynamic component is consumer behaviour, which is always changing in reaction to technological advancements, socioeconomic changes, and major world events like the COVID-19 epidemic. The quick uptake of digital payment solutions has been spurred by changes in customer preferences for quick, safe, and contactless payment choices.
As a result, competitive and segmentation assessments are crucial for success in the changing market for digital payments. The success and growth trajectories of digital payment providers in this quickly changing business are mostly determined by innovations fueled by competition, targeted strategies derived from segmentation, regulatory compliance, and adjusting to changing customer behaviour.
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Digital Payment Market: Future Scope, Strategic Insights, Forecasting Trends, Crucial Drivers, and Projections Up to 2028
The study categorizes the digital payment market based on offering, transaction type, and vertical at the regional and global levels.