DUBLIN--(BUSINESS WIRE)--The "Digital Payment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment, Organization Size, and Industry" report has been added to ResearchAndMarkets.com's offering.
The global digital payment market is expected to grow from US$ 89,045.67 million in 2021 to US$ 243,426.71 million by 2028; global digital payment market is estimated to grow at a CAGR of 15.4% from 2021 to 2028.
The growing demand for online payment methods worldwide propels the digital payment market growth. Many merchant offerings on online payment, such as point of sale and rebate, encourage users to utilize digital payment, which propels the demand for the digital payment. The digital payment market is growing due to rapid advancements in e-commerce, mobile payment technologies, and the growing use of mobile wallets. Globally, many governments are taking key initiatives to digitize payments; thus, this fosters economic growth and benefits end-users in many countries.
For instance, in June 2021, Okay and FSS Technologies (Financial Software and Systems), a worldwide payments technology firm, announced their alliance to deliver focused authentication security to consumer payments, particularly transaction validation and authentication on mobile. With its next-generation products, technology, and solution offerings, FSS is already expanding its commercial potential in Europe. Many governments invest massive capital in the digital payment industry and undertake various initiatives to digitize the payment process.
For instance, to encourage digital payments, Indian government has taken many key initiatives to increase the transaction rate via Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Unstructured Supplementary Service Data (USSD), Aadhar Pay, and debit cards. Digital India, the debut of the Unified Payments Interface (UPI), and the 14444-helpline number are all driving forces behind the migration to digital payments.
Many companies such as IRCTC (Railways), Makemytrip, Yatra, Ibibo, Cleartrip (Airlines and hotels), Trivago (hotels), redBus (buses), and Bookmyshow (events) are taking efforts to develop their product portfolio to transact online contributing to the growth of the digital payment market in India. One of the vital growth imperatives for a country's economy is digital payment. It can assist promote productivity and economic growth, improving transparency, increasing tax collection, expanding financial inclusion, and provide new economic opportunities for end-users.
However, cyberattacks can hinder the growth of the digital payment market. These attacks are the most severe threats the payment industry has faced in a long time. Digital payments began to pick up speed with the growth of e-commerce companies and the introduction of digital wallet providers. In addition, digital wallets offered enticing discounts and cashbacks to encourage customers to use the payment channel. Due to tempting offers, simplicity of use, and rising smartphone penetration, digital wallet firms have made their way into consumers' phones and pockets.
Furthermore, to broaden their appeal, digital wallets began pushing customers to use digital wallets for offline POS transactions such as shopping malls, supermarkets, grocery stores, restaurants, and gas stations. These POS transactions are likely to make up most of the digital payment's platform in the coming years. Thus, digital wallets are showing a rapid growth and play a unique role in the digital payment market growth.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the digital payment market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the digital payment market thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, and distribution
Market Dynamics
Drivers
- Increasing Prevalence of Smartphones Enabling Expansion of mCommerce
- Rising Adoption of Contactless Payments
Restraints
- Lack of International Cross-Border Payment Standards
Opportunities
- Growing Adoption of Open-Banking APIs
Future Trends
- Surging Demand for Mobile Point of Sales (mPOS)
Companies Profiled
- ACI WORLDWIDE, INC
- Adyen
- Financial Software & Systems Pvt. Ltd
- Fiserv, Inc
- Global Payments Inc
- Novatti Group Ltd
- PayPal Holdings, Inc
- Paysafe Limited
- Block, Inc
- PayU
For more information about this report visit https://www.researchandmarkets.com/r/mfqp2m
