The ‘Global Digital Payment Market Analysis, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global digital payment market, assessing the market on the basis of its segments like solutions, deployments, modes of payment, end uses, and major regions. The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Digital Payment Market Share, Size, Trends, Report, Key Player, Major Segments and Forecast
The key highlights of the report include Market Overview (2018-2028)- Historical Market Size (2022): Nearly USD 121.42 Billion
- Forecast CAGR (2023-2028): 15.30%
- Forecast Market Size (2028): Around USD 247.42 Billion
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The growing demand for improved services for international transactions is a major factor driving the market development. There is a rising need for quick, safe, and economical cross-border payment solutions as organisations and consumers become more globally integrated, hence bolstering the digital payment market demand. Digital payment platforms can increase the productivity, transparency, and convenience of payments while enhancing the accessibility to financial services. Significant investments are being made in digital payment platforms by nations like China and India, which offer in-app services for booking hotels, flights, offers, and other services.
Digital Payment Industry Definition and Major Segments
Digital payments are transactions that are completed through digital or online modes. This method of transaction does not involve any exchange of physical money and these transactions can take place between individuals, businesses, or organisations. The simplicity, quickness, and security of digital payment methods have helped them gain massive popularity.Read Full Report with Table of Contents@ https://www.expertmarketresearch.com/reports/digital-payment-market
The market segments, based on solution, include:
- Payment Gateway
- Payment Security and Fraud Management
- Payment Processing
- Transaction Risk Management
- Others
- Cloud
- On-Premises
- Digital Wallets
- Bank Cards
- Debit Card
- Credit Card
- Others
- Net Banking
- Digital Currencies
- Others
- BFSI
- Healthcare
- Retail and E-commerce
- IT and Telecommunication
- Media and Entertainment
- Transportation and Logistics
- Travel and Hospitality
- Education
- Others
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Digital Payment Market Trends
The evolving consumer behaviour, the rising preference for cashless payments, favourable government regulations, and the increasing trend of mobile banking, fast payments, and digital commerce are positively influencing the market growth of digital payment. The market expansion in the Asia Pacific region can be attributed to the rising smartphone adoption and robust digitisation across region’s emerging economies. Due to numerous initiatives and favourable policies, including UPI and demonetisation, India is anticipated to hold a significant share in the market. China, Singapore, and Australia have also accelerated digital payment projects to increase their market share of online payments.Key Market Players
The major players in the digital payment market report include:- Square, Inc.
- Fiserv, Inc.
- PayPal Holdings, Inc.
- Visa Inc.
- MasterCard Incorporated
- Apple Inc.
- One97 Communications Limited
- Fidelity National Information Services, Inc. (FIS)
- Global Payments Direct, Inc.
- Google LLC
- Worldline S.A.
- Adyen N.V.
- Others.
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