According to IMARC Group’s latest report, titled “Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global digital payment market reached a value of US$ 56.43 Billion in 2020. Looking forward, IMARC Group expects the global market to grow at a CAGR of 20.3% during 2021-2026. As the novel coronavirus (COVID-19) crisis takes over the world, […]
Trends and Opportunities in the Global Digital Payment Market (2021-2026)
According to IMARC Group’s latest report, titled “Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global digital payment market reached a value of US$ 56.43 Billion in 2020. Looking forward, IMARC Group expects the global market to grow at a CAGR of 20.3% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Digital payment is a secure payment method that operates over the internet or mobile channels without the involvement of physical exchange of cash. The payment information is stored in a merchant-specific database that is available to both consumers and merchants, which helps in the efficient tracking of transactions. Some of the commonly available digital payment methods include banking cards, mobile wallets, and internet banking. As compared to traditional modes of payments, digital payments are more convenient and flexible, and reduce geographical barriers. These reliable solutions process transactions through secure gateways, which enable users to pay directly from their bank accounts.
Market Trends and Drivers:
The global digital payment market is primarily being driven by the easy accessibility to high-speed internet, especially in developing economies. This is further catalyzed by the introduction of the 5G network and rising sales of smartphones. Moreover, governments of various nations are increasingly undertaking initiatives to promote cashless transactions. This, along with the sudden outbreak of the coronavirus disease (COVID-19) pandemic, is acting as a major growth-inducing factor as digital payment options are contactless, which, in turn, reduces the chances of the spread of the virus significantly. Other factors, such as the widespread adoption of artificial intelligence (AI) and blockchain technology and increasing mobile payment options, are creating a positive outlook for the market.
Digital Payment Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the digital payment market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Apple Inc.
- Mastercard Incorporated
- Paypal Holdings Inc.
- ACI Worldwide Inc.
- Aliant Payment Systems Inc.
- Wirecard AG
- Amazon.com Inc.
- Visa Inc.
- Total System Services Inc.
- American Express Company
Key Market Segmentation:
The report has segmented the global digital payment market on the basis of component, payment mode, deployment type, end use industry and region.
Breakup by Component:
- Solutions
- Application Program Interface
- Payment Gateway
- Payment Processing
- Payment Security and Fraud Management
- Transaction Risk Management
- Others
- Services
- Professional Services
- Managed Services
Breakup by Payment Mode:
- Bank Cards
- Digital Currencies
- Digital Wallets
- Net Banking
- Others
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by End Use Industry:
- BFSI
- Healthcare
- IT and Telecom
- Media and Entertainment
- Retail and E-commerce
- Transportation
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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