Digital Payment Market Outlook By Drivers, Restraints and 2020-2024 | Impact of COVID-19 Pandemic

The Global Digital Payment Market is expected to register a 16.77% CAGR, exhibiting substantial growth during the forecast period. The market was valued at USD 40,633.3 million in 2018; it is expected to reach USD 120,245.9 million by 2025. North America accounted for the largest market value of USD 13,864.1 million in 2018; the market is expected to register a CAGR of 17.50% during the forecast period.

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Digital payment is the process by which a payer and payee use electronic modes to send and receive money. It is a cashless mode of transaction. The payment is carried out via digital wallets, digital currencies, net banking, bank cards, and contact and contactless payment at points of sale. Convenience, accessibility, lower risk, time-saving, user-friendliness, and traceability are some of the advantages offered by digital payment methods. There are some concerns regarding the restrictions on payment and amount limit for each payment, along with the risk of being hacked and continuous requirement of active internet access.

Global Digital payment Market, by Deployment (2018 Vs 2025)

Source: MRFR Analysis

Based on type, the market has been classified as cloud and on-premise. In a cloud-based digital payment, there are limited chances of a single point of failure (SPOF) as all devices, components, and network paths are duplicated and reserved. Hence, to make cloud-based digital payments more secure, digital issuance systems are used; these systems are capable of storing all the credentials securely on the cloud, issuing them to mobile applications that have been previously installed on the device. Enterprises prefer the on-premises deployment of digital payment solutions to gain complete control over their infrastructure and assets as well as enhance their online security measures. These solutions help merchants in managing any payment device across any application from a centralized, secure managed platform.

Digital payment has become one of the primary growth imperatives for a country’s economy. It can help boost productivity and economic growth, improve transparency, increase tax revenues, expand financial inclusion, and open new economic opportunities for the end users. For the same, governments across the world are implementing ICT technology to promote digital economies. They are undertaking various initiatives to digitize the payment process. For instance, the Government of India that has launched various initiatives such as Digital India, the launch of Unified Payments Interface (UPI), and the 14444-helpline number to help promote digital payments. However, a lack of standards for cross-border payments is a challenge for the global digital payment market during the forecast period.

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Regional Analysis

The global digital payment market, by region, has been segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America is expected to dominate the global digital payments market during the forecast period due to the presence of a large number of solution providers in the region.

Companies Covered

The key players of the global digital payment market are PayU (Netherland), Aliant Payment Systems Inc. (US), Aurus Inc. (US), Fiserv, Inc. (US), BlueSnap Inc. (US), Novatti Group Limited (Australia), ACI Worldwide, Inc. (US), Stripe (US), Adyen NV (Netherland), Global Payments Direct, Inc. (US), First Data Corporation (US), PayPal Holdings, Inc. (US), Worldpay, Inc. (US), Wirecard AG (Germany), and YapStone, Inc. (US).

Key Developments

In July 2019, Fiserv, Inc. launched mobile bill presentment, which allows clients to digitally present a customer’s bill in a mobile wallet, while also supporting alerts and notifications that increase payment speed by reminding the customer to pay their bills early or on time.

In June 2019, BlueSnap announced the availability of its new product–Integrated Payments for Platforms–in Europe, which provides embedded payments for independent software vendors and gives European-based ISVs the ability to scale and monetize their businesses with a single payment provider.

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In June 2019, PayU acquired iyzico–a digital payment services provider and FinTech start-ups in Turkey. The acquisition will allow the company to consolidate its position as a leader in the payments space and accelerate scale and efficiency.

In July 2019, Wirecard announced a partnership with YES BANK, which will expand the scope of India’s Aadhaar Enabled Payment System, a biometric digital payment system developed by the National Payments Corporation of India.

Segmentation

By Component: solution and services

By Deployment Cloud and On-Premise

By Organization Size: Large enterprise and Small & Medium Enterprises (SMEs)

By Vertical (BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce, and others)

By region: North America, Asia-Pacific, Europe, South America, and the Middle East & Africa

Key questions addressed by the report

What was the historic market size (2018)?

Which segmentation (Component / Solution/ Industry) is driving the market?

What will be the growth rate by 2025?

Who are the key players in this market?

What are the strategies adopted by key players?

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The post Digital Payment Market Outlook By Drivers, Restraints and 2020-2024 | Impact of COVID-19 Pandemic appeared first on America News Hour.

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