The global digital payment market size is expected to reach USD 236.10 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 19.4% from 2021 to 2028. 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.
Key suggestions from the report:
- In terms of deployment, the on-premise segment dominated the market in 2020. The on-premise deployment of digital payment solutions facilities secured transactions
- In terms of enterprise size, the large enterprise segment dominated the market in 2020. Many large enterprises have adopted digital payment solutions to efficiently manage their payment transactions, improve visibility of transactions, and enhance customer experience by reducing the time required to complete the payment
- In terms of end-use, the BFSI segment dominated the market in 2020. The continued digitalization of banks and other financial institutions is anticipated to drive the growth of the BFSI segment
- The increasing adoption of digital payment solutions in emerging economies such as China and India is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period.
Read 150 page research report with ToC on “Digital Payment Market Size, Share & Trends Analysis Report By Solution, By Mode Of Payment (Point Of Sales, Digital Wallets, Net Banking), By Deployment, By Enterprise Size, By End-use, And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/digital-payment-solutions-market
Biometric authentication in digital payments is expected to gain momentum in the coming years. It is a verification method that involves the biological characteristics of the person. The verifications include facial recognition, fingerprinting scanning, heartbeat analysis, and vein mapping. According to Payments Industry Intelligence, biometric authentication solutions are expected to be used to secure USD 2.5 trillion worth of mobile payment transactions by 2024.
The increase in the adoption of new technologies such as self-checkout systems in the retail industry is expected to drive market growth. In recent days, various companies are making efforts to deploy self-checkout systems in retail stores. For instance, in June 2020, Walmart, a retail company, announced the testing of its self-checkout retail stores at multiple locations in Arkansas, Fayetteville, during the pandemic. These stores will replace the traditional cashier checkout lanes with self-checkout systems.
The COVID-19 pandemic is anticipated to impact the market growth favorably in the near future. The pandemic has led to an increase in the use of mobile-based payment solutions and online sales, which are some of the major factors driving the demand for digital payment solutions globally. According to the study conducted by Accenture, transactions worth USD 7 trillion are expected to shift from cash to card and digital payments by 2023.
Grand View Research has segmented the global digital payment market based on solution, mode of payment, deployment, enterprise size, end-use, and region:
- Digital Payment Solution Outlook (Revenue, USD Billion, 2016 – 2028)
- Application Program Interface
- Payment Gateway
- Payment Processing
- Payment Security & Fraud Management
- Transaction Risk Management
- Digital Payment Mode of Payment Outlook (Revenue, USD Billion, 2016 – 2028)
- Bank Cards
- Digital Currencies
- Digital Wallets
- Net Banking
- Point of Sales
- Digital Payment Deployment Outlook (Revenue, USD Billion, 2016 – 2028)
- Digital Payment Enterprise Size Outlook (Revenue, USD Billion, 2016 – 2028)
- Large Enterprises
- Small & Medium Enterprises
- Digital Payment End-use Outlook (Revenue, USD Billion, 2016 – 2028)
- IT & Telecom
- Media & Entertainment
- Retail & E-commerce
- Digital Payment Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa.
- North America
List of Key Players in the Digital Payment Market
- Aliant Payments
- Aurus Inc.
- Financial Software & Systems Pvt. Ltd.
- PayPal Holdings Inc.
- Novatti Group Pty Ltd.
- ACI Worldwide, Inc.
- Global Payments Inc.
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
- Contactless Payment Market – The global contactless payment market size was valued at USD 1.06 trillion by transaction value in 2019 and is anticipated to expand at a compound annual growth rate (CAGR) of 19.8% from 2020 to 2027.
- Payment Gateway Market – The global payment gateway market size was valued at USD 15.05 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 21.5% from 2020 to 2027.
- Point-Of-Sale Terminals Market – The global point-of-sale terminals market size was valued at USD 69.0 billion in 2019 and is expected to expand at 7.5% CAGR during the forecast period.