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Global Digital Payment Market Size, Outlook and Growth Opportunities to 2030: by Mode of Payment, by Solution, by Deployment, by End-user and by Region

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  • 142 Pages
  • December 2022
  • Region: Global
  • OG Analysis
  • ID: 5130721
UP TO OFF until Mar 31st 2024
Key Findings
  • Global Digital Payment market in response to Covid-19 pandemic projects a stronger growth with a rising CAGR of 23.4% during the period 2022-2030.
  • Rising incidence of Corona virus and adoption of advanced technologies such as block chain, machine learning & Artificial Intelligence are the current market trends in Digital Payment.
  • Asia-Pacific is expected to grow at the fastest growth rate over the forecast period, owing to the proliferation of digitalization supported by the government initiatives to use digital payments in the region along with the adoption of cashless transactions in response to Covid-19 outbreak.
  • Banking and Other Financial Institutions is the major end-user segment that generated maximum revenue in the market and is also estimated to continue its domination during the forecast period, since the industry offers secured transactions in the form of net banking, digital banking, mobile banking and neo banking supported by the digitalization of banks and many financial institutions.
Digital Payment/Electronic payment refers to a kind of payment made through digital modes, where both the payer and payee use digital modes to send and receive the money. The key drivers of Digital Payments are Debit Cards, PPIs and IMPS and the volume of UPI segment is also increasing. In the Value segment, the key contributors of Digital Payments are RTGS and NEFT. The growing proliferation of smart phones and technological advancements in the payment cards and POS fuel the market growth. As the online payment processing market grows, user demands for additional payment features and options grow in multiple directions. For instance, RBI pushes digital payments in the time of COVID-19 so that public can use these modes of digital payment with the convenience from their homes through online channels like mobile banking, internet banking.

Lifestyle changes of the consumers, improving customer experience, growing merchant revenues are some of the factors driving the digital payment market growth. Digital payment also aids frictionless, responsive and revolutionary shopping practices for the customers particularly during the period of lockdown. The heightened customer expectations for value-added services, emergence of new technologies, FinTechs, and an ever-changing regulatory landscape offer the key players new opportunities in the digital payment market.
Fraud and chargebacks, cross-border transactions, card data security, multi-currency and payment methods, technical integration are the factors to challenge the market growth. Sudden spikes in payment processing needs due to COVID-19 crisis consequently might cause challenges in handling for both merchants and payment processors. Supply chain is one of the major challenges to be faced by retailers and many other business representatives.

The Government of India has been taking several measures to promote and encourage digital payments in the country. As part of the ‘Digital India’ campaign, the government aims to create a ‘digitally empowered’ economy that is ‘Faceless, Paperless, and Cashless’.
Emerging global trends are to impact the Indian Digital Payments ecosystem and provide impetus to the growth of Digital Payments. Digital payment market is operated by more number of key players and there is an intense competition between them. They keep on developing innovative solutions and services to withstand the competition. In April 2022, Amazon India planned to give zero-interest credit to customers to buy products on its platform or pay bills, partnering with lenders, like Capital Float and Karur Vysya Bank, for the initiative. The service will allow consumers to purchase essentials on Amazon’s platform. In April 2022, Paytm Payments Bank partnered with Mastercard to issue virtual and physical debit cards. The deal issues the bank’s customers with cards in an initial rollout, followed by its entire user base in short order.

Global Digital Payment Market Insights
The 2022 series of Global Digital Payment market size, share, outlook, trends and growth prospects provides a comprehensive analysis of the global Digital Payment and current health conditions. Major trends shaping the near and long term future of the industry, opportunities, drivers and restraints of Digital Payment market, detailed porter’s five forces analysis and competitive insights are included in the research report.

Global Digital Payment Market Share by Mode of Payment:

  • The report presents the detailed annual outlook of seven kinds of the Digital Payment market to 2030 based on the mode of payment, which include Banking cards, Digital wallet payments, Net banking payments, ACH transfers, Crypto payments, UPI payments and Others. Digital wallet payments are expected to dominate the market in future because of the emergence of online purchases and e-commerce.

Global Digital Payment Market Size by Solution:

  • The report presents an in-depth insights into each of the solutions offered through Digital Payment along with annual forecasts to 2030. Various solutions that are studied in the report include Application program, Interface payment, Processing payment, Gateway payment, Security & Fraud management and Other services.
Gateway payment segment is expected to register the highest growth rate over the estimated period, owing to the emergence of cash pooling, token system and cashless transactions. Moreover, these gateways utilize industry-standard encryption, which effectively protects consumer and merchant data from fraud.

Global Digital Payment Market Size by Deployment:

  • The research work analyses and presents two ways of digital payment based on the deployment as Direct NFC payments and Remote Digital payments, along with annual forecasts to 2030.

Global Digital Payment Market Size by End-user:

  • The report provides a detailed analysis on each of the end-users along with annual forecasts to 2030. Various end-users that are studied in the report include BFSI - Banks and Other Finance institutions, Retail & E-commerce, IT & Telecom, Media & entertainment, Travel & Tourism and Others. BFSI is the major end-user industry in the Digital Payment market.

Global Digital Payment Market Revenue by Region:

  • The current Digital Payment market size in terms of revenue across 5 regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa are studied in the report. In addition, historic data from 2021 and annual forecasts to 2030 are also included in the research report. Globally, Asia-Pacific is the largest market for Digital Payments.
India accounts for the most significant share in the Asia-Pacific region. Though Digital payment is a relatively new trend in India, it is growing at a rapid pace due to the favorable regulatory environment, infrastructure upgrades, high smartphone penetration, subsidized data plans and government initiatives.

Demonetization and Digital India Program also contributed for the adoption of Digital payment methods in the country.

Global Digital Payment Market Analysis by Company:

  • Top 10 leading companies in the global Digital Payment market are analyzed in the report along with their business overview, operations, geographical locations, financial analysis, SWOT profile and Digital Payment products & services.
  • Global Digital Payment Market News and Recent Developments

- The latest news and industry developments in terms of Digital Payment product developments, acquisitions, growth strategies, joint ventures and collaborations, product launches and market expansions are included in the report.

  • Digital Payment Market - Strategic Analysis Review

Key strategies opted by leading players:

  • Short to Long Term Industry Trends
  • Porter’s Five Forces Analysis
  • Supply side and Demand Side Drivers and Challenges
  • Digital Payment Market - Growth Opportunities
  • Potential New Business Opportunities
  • Key Areas of Focus in the forecast period
  • Digital Payment Market - Competitive Scenario
  • Top market players are analyzed in the report including Visa Inc., PayPal Holdings Inc., ACI Worldwide, Aurus, Aliant Payment, Authorize.Net (US), Adyen, BlueSnap, Chetu and Dwolla.
  • Company Profile and SWOT Analysis
  • Financial Analysis.

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Table of Contents

1. Table of Contents
1.1 List of Tables
1.2 List of Figures
2. Executive Summary
2.1. Market Definition and Scope
2.2. Market Segmentation
2.3. Forecast Methodology
3. Digital Payments Market Insights, 2022 -2030
3.1. Short term and Long term trends shaping the Business Growth
3.2. Drivers and Restraints
3.3. Five Forces Analysis
4. Opportunity Analysis of Digital Payments Markets
4.1. Country-to-Country Benchmarking
4.2. Markets with Highest Investment Potential
4.3. Growth Strategies in Developed Markets
5. Digital Payments Market Analysis and Outlook -By Mode of Payment
5.1. Banking cards
5.2. Digital wallet payments
5.3. Net banking payments
5.4. ACH transfers
5.5. Crypto payments
5.6. UPI payments
5.7. Others
6. Digital Payments Market Analysis and Outlook -By Solution
6.1. Application program
6.2. Interface payment
6.3. Processing payment
6.4. Gateway payment
6.5. Security & Fraud management
6.6. Other services
7. Digital Payments Analysis and Outlook -By Deployment
7.1. Direct NFC payments
7.2. Remote Digital payments
8. Digital Payments Market Analysis and Outlook -By End-user
8.1. BFSI
8.2. Retail & E-commerce
8.3. IT & Telecom
8.4. Media & Entertainment
8.5. Travel & Tourism
8.6. Others
9. Digital Payments Market Analysis and Outlook -By Country
9.1. North America
9.1.1. North America Digital Payments Market by Mode of Payment
9.1.2. North America Digital Payments Market by Solution
9.1.3. North America Digital Payments Market by Deployment
9.1.4. North America Digital Payments Market by End-user
9.1.5. United States
9.1.6. Canada
9.1.7. Mexico
9.2. Europe
9.2.1. Europe Digital Payments Market by Mode of Payment
9.2.2. Europe Digital Payments Market by Solution
9.2.3. Europe Digital Payments Market by Deployment
9.2.4. Europe Digital Payments Market by End-user
9.2.5. United Kingdom
9.2.6. Germany
9.2.7. France
9.2.8. Spain
9.2.9. Italy
9.2.10. Rest of Europe
9.3. Asia-Pacific
9.3.1. Asia-Pacific Digital Payments Market by Mode of Payment
9.3.2. Asia-Pacific Digital Payments Market by Solution
9.3.3. Asia-Pacific Digital Payments Market by Deployment
9.3.4. Asia-Pacific Digital Payments Market by End-user
9.3.5. India
9.3.6. China
9.3.7. Japan
9.3.8. Australia
9.3.9. South Korea
9.3.10. Rest of Asia-Pacific
9. 4. South and Central America
9. 4.1. South and Central America Digital Payments Market by Mode of Payment
9. 4.2. South and Central America Digital Payments Market by Solution
9. 4.3. South and Central America Digital Payments Market by Deployment
9. 4.4. South and Central America Digital Payments Market by End-user
9. 4.5. Brazil
9. 4.6. Argentina
9. 4.7. Rest of South and Central America
9.5. Middle East and Africa
9.5.1. Middle East and Africa Digital Payments Market by Mode of Payment
9.5.2. Middle East and Africa Digital Payments Market by Solution
9.5.3. Middle East and Africa Digital Payments Market by Deployment
9.5.4. Middle East and Africa Digital Payments Market by End-user
9.5.5. Middle East
9.5.6. Saudi Arabia
9.5.7. UAE
9.5.8. Rest of Middle East
9.5.9. Africa
9.5.10. South Africa
9.5.11. Rest of Africa
10. Company Profiles
10.1. Visa Inc.
10.1.1. Company Snapshot
10.1.2. Financials
10.1.3. Key Financial Rates
10.1.4. SWOT Analysis
10.1.5. Recent Developments
10.2. PayPal Holdings Inc.
10.3. ACI Worldwide
10.4. Aurus
10.5. Aliant Payment
10.6. Authorize.Net (US)
10.7. Adyen
10.8. BlueSnap
10.9. Chetu
10.10. Dwolla
11. Appendix
11.1. Publisher’s Expertise
11.2. Products and Offerings
11.3. Contact Information

Companies Mentioned

  • Visa Inc.
  • PayPal Holdings Inc.
  • ACI Worldwide
  • Aurus
  • Aliant Payment
  • Authorize.Net (US)
  • Adyen
  • BlueSnap
  • Chetu
  • Dwolla.