Rising Internet proliferation and growth of e-commerce are key factors driving global digital payment market growth

Vancouver, BC -- (SBWire) -- 04/19/2021 --The global digital payment market size is expected to reach USD 215.88 Billion at a steady CAGR of 13.3% in 2028, according to latest analysis by Emergen Research. Factors driving steady market revenue growth include rising Internet proliferation and growth of e-commerce sector. According to the International Telecommunication Union (ITU), in 2019, over 4 Billion individuals (51% of the global population) had access to the Internet, an increase of 8.1% from the previous years. 

Digital payment market revenue in Asia Pacific is expected to register the fastest CAGR during the forecast period, attributed to increasing use of smartphones and rapid growth of e-commerce industry. Additionally, rising disposable income and favorable government policies to boost digital economy is expected to support market growth in the region. China and India collectively account for about 70% of e-wallet users worldwide.

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Some Key Highlights from the Report

In February 2021, Mastercard in collaboration with Fibank launched MyFin, which is a digital wallet for online payments and fast money transfers. MyFin delivers advanced features enabling peer-to-peer money transfer using payment links.
Digital payment security and fraud management solutions incorporate innovative security features, such as biometric authentication and tokenization to help lessen the threats associated with scams and chargebacks. A digital wallet, such as Alipay, deploys tokenization and advanced customer authentication to provide higher rates of transaction approval than other payment methods. Thus, digital payments, by delivering enhanced payment flexibility allows businesses to protect their revenue by preventing customer churn arising from insufficient at the time of making a purchase.
Large enterprises provide multiple digital payment options to improve their customer experience. Enterprise digital wallets are evolving as a cheaper, convenient, and secure payment method. Retail giants such as Walmart, Amazon, Kroger, and Alibaba have their enterprise digital wallets to provide the benefit of direct payments by customers and remove payment card intermediaries.
Key players in the market include Mastercard Inc., Fiserv Inc., Visa Inc., JPMorgan Chase & Co., PayPal Holdings Inc., Intuit Inc., Global Payments Inc., Stripe, PayU, and ACI Worldwide Inc.

Digital Payment Market Segmentation:

Emergen Research has segmented the global digital payment market on the basis of offering, organization size, mode of deployment, industry vertical, and region:

Offering Outlook (Revenue, USD Billion; 2018–2028)
Solutions
Payment Gateway Solutions
Payment Wallet Solutions
Payment Processing Solutions
Payment Security & Fraud Management Solutions
Point of Sale Solutions
Services
Professional Services
Managed Services

Organization Size Outlook (Revenue, USD Billion; 2018–2028)
Large Enterprise
Small & Medium-sized Enterprises

Mode of Deployment Outlook (Revenue, USD Billion; 2018–2028)
On-Premises
Cloud

Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
BFSI
Healthcare
Retail
Transportation & Logistics
Travel & Hospitality
Media & Entertainment
Others

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Additional information offered by the report:

A complete overview of the global Digital Payment market.
Detailed examination of the various market dynamics, including drivers, opportunities, challenges, threats, constraints, and development prospects prevailing in the global market.
Diverse market trends observed on regional and global levels. The report also elaborates on the market size and shares governed by the major geographies, combined with a precise growth forecast analysis, cost analysis, micro- and macro-economic indicators, and regulatory framework.
A vivid analysis of the company profiles of the key market contenders operating in the global Digital Payment market.
Extensive research & development assessment, and a detailed study of the growing demand for new products and the increasing application of the existing and new products.

Table of Content

Chapter 1. Methodology & Sources
    1.1. Market Definition
    1.2. Research Scope  
    1.3. Methodology
    1.4. Research Sources
          1.4.1. Primary
          1.4.2. Secondary
          1.4.3. Paid Sources
    1.5. Market Estimation Technique
Chapter 2. Executive Summary
    2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Digital Payment Market Segmentation & Impact Analysis
    4.1. Digital Payment Market Material Segmentation Analysis
    4.2. Industrial Outlook
          4.2.1. Market indicators analysis
          4.2.2. Market drivers' analysis
                    4.2.2.1. Rising internet proliferation and growth of e-commerce
                    4.2.2.2. Growing demand for contactless payments
                    4.2.2.3. Rise in promotional activities to boost digital payment adoption
                    4.2.2.4. Growing smartphone penetration and preferences for m-commerce
          4.2.3. Market restraints analysis 
                    4.2.3.1. Privacy & security concerns
    4.3. Technological Insights 
    4.4. Regulatory Framework
    4.5. Porter's Five Forces Analysis
    4.6. Competitive Metric Space Analysis
    4.7. Price trend Analysis
    4.8. Covid-19 Impact Analysis

Chapter 5. Digital Payment Market By Offering Insights & Trends, Revenue (USD Billion)
    5.1. Offering Dynamics & Market Share, 2021 & 2028
          5.1.1. Solutions
                    5.1.1.1. Payment Gateway Solutions
                    5.1.1.2. Payment Wallet Solutions
                    5.1.1.3. Payment Processing Solutions
                    5.1.1.4. Payment Security & Fraud Management Solutions
                    5.1.1.5. Point of Sale Solutions
          5.1.2. Services
                    5.1.2.1. Professional Services
                    5.1.2.2. Managed Services

CONTINUED..!!

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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