Digital Payment Market will High Above 250.10 Bn in 2030

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Vision Research Report, Recently Announced New Report on “Digital Payment Market – Global Industry Analysis, Market Size, Share, Growth, Trends, Region Outlook, And Segment Forecasts, 2021 – 2030”.

The Digital Payment market revenue share is set to grow at a yearly rate of 19.6% during 2021-2030, while its valuation is Projected to jump from $ 58.35 Bn in 2020 to $250.10 Bn in 2030.

 The digital payments market is expected to grow, owing to the worldwide initiatives for the promotion of digital payments, proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales, and growth in internet penetration. By component, solutions segment is estimated to account for the largest market size in 2020 and expected to grow at an impressive CAGR during the forecast period.

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Growth Factors

The growth can be attributed to the growing volume of non-cash transactions and a rise in the fintech sector’s technological developments. Various fintech companies and banks are making efforts to improve their digital offerings to meet the changing needs of customers. For instance, in January 2021, Mogo Inc., a financial technology & digital payment company, announced the shareholder’s approval for the acquisition of Carta, a digital payment company. This acquisition is expected to help the former company in strengthening its presence in the market.

COVID-19 impact on the global digital payments market:

The outbreak of COVID-19 has significantly impacted operations in a few key sectors, such as manufacturing, logistics, hospitality, transportation, healthcare, and retail, and moderately impacted a few sectors that include IT and telecom, energy and utilities, government, education, and BFSI. The pandemic has accelerated the adoption of contactless and wallet payments.

eWallets are witnessing increased traction for Peer to Peer (P2P) transfers, bill payments, and Customer to Business (C2B) payments for essential services owing to the lockdown and aversion to the exchange of cash. However, some wallet providers have increased their fees for merchants and consumers, leading to merchants not accepting their wallets for transactions.

Key Players

  • Aliant Payments
  • Aurus Inc.
  • Adyen
  • Financial Software & Systems Pvt. Ltd.
  • PayPal Holdings Inc.
  • Novatti Group Pty Ltd.
  • ACI Worldwide, Inc.
  • Global Payments Inc.
  • Wirecard
  • Authorize.Net

Market Segmentation

  • Solution Outlook 
    • Application Program Interface
    • Payment Gateway
    • Payment Processing
    • Payment Security & Fraud Management
    • Transaction Risk Management
    • Others
  • Mode of Payment Outlook (Revenue, USD Billion, 2016 – 2028)
    • Bank Cards
    • Digital Currencies
    • Digital Wallets
    • Net Banking
    • Point of Sales
    • Others
  • Deployment Outlook
    • Cloud
    • On-premise
  • Enterprise size Outlook
    • Large Enterprises
    • Small & Medium Enterprises
  • End-use Outlook 
    • BFSI
    • Healthcare
    • IT & Telecom
    • Media & Entertainment
    • Retail & E-commerce
    • Transportation
    • Others
  • Regional Outlook 
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
    • Asia Pacific
      • China
      • India
      • Japan
    • Latin America
      • Brazil
    • Middle East & Africa

Driver: Rise in the adoption of contactless payments

Restraint: Lack of global standards for cross-border payments

Opportunity: Gradual adoption of Open-Banking APIs

Challenges: Evolving cyber attacks on digital payments

Impacting Factors:

  • Large Enterprises segment to constitute a larger market size during the forecast period
  • Among solutions, the payment wallet solutions segment to grow at a higher CAGR during the forecast period
  • Among solutions, the payment wallet solutions segment to grow at a higher CAGR during the forecast period
  • Among services, professional services segment to constitute a larger market size during the forecast period

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