The Global Digital Payment Market is forecast to reach USD 10.07 Trillion by 2026, according to a new report by Reports and Data. The Digital Payment market is rising rapidly in the global market owing to the proliferation of global digitalization coupled with a cashless economy, and high, increasing rate of internet availability with active users. Digital Payment market includes all the method of payments done digitally to refrain from regular paper-cash payments.
This report covers the recent COVID-19 incidence and its impact on Digital Payment Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
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Key participants include Apple Pay, PayPal, Google Pay, PayU, VISA, Paytm, Mastercard, Barclaycard, American Express, and Bitcoin.
In the year 2020, Point-of-Sale (POS) Devices segment has witnessed the highest market demand. POS devices are used by numerous end-users such as retail markets, hotels, bar, and restaurants, among others where the transactions are done via debit, credit, and ATM or mobile NFC technology. Apart from offline digitalization, the massive adoption rate of online payments segments like mobile banking and cryptocurrencies will stimulate the digital payment market growth at a significant pace in the forthcoming years.
Asia Pacific market is forecasted to generate a revenue of USD 3.62 Trillion in the year 2026, owing to its extensive market penetration towards digital payment coupled with cashless economy and superior economic development in the developing countries.
For the purpose of this report, Reports and Data have segmented the global Digital Payment market according to Product, Component, Application, End-user, and Region:
Payment Method Outlook (Revenue, USD Billion; 2016-2026)
Backend Operation Type Outlook (Revenue, USD Billion; 2016-2026)
Encryption & Security Management
Transaction Risk Management
Application Program Interface
Blockchain & Data Mining
Organization Size Outlook (Revenue, USD Billion; 2016-2026)
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End Users Type Outlook (Revenue, USD Billion; 2016-2026)
Banking & Financial Sectors
Hotels & Restaurants
Transportation & Telecommunication
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Further key findings from the report suggest:
-Amongst end users, banking & financial sectors segment is likely to continue being the dominator of the market with almost 22.0% of market possession and would grow with a CAGR of 15.1% by 2026. Banking & financial sectors are the core participator of this market. Apart from their operational exercise with digital payment, most of the other end users while using any digital transactions are backed by the banking & financial segment, thus gaining them the highest market share amongst the other segment of digital payment market.
-Point-of-Sale (POS) Devices segment held the largest market share of 56.4% in 2018. POS devices are further segmented into Contactless Near Field Communication (NFC) Transactions in which the NFC enabled cards and devices are placed closer to complete the transaction without inserting the card into the vending machine while in the other way the debit or credit cards are inserted for the purchase. Apple Pay and Samsung Pay are two examples of NFC transactions. VISA cards now mostly come with NFC inbuilt.
-Mobile Banking is the process of a direct transaction from the bank account to the merchant gateway via a third party application. This segment needs the highest level of encryptions as there is no intermediate process involved in between the two gateways. The difference between net banking and mobile banking is that net banking can be done only on the respective bank website and on the other hand mobile banking doesn’t need the bank account website for the transaction. The CAGR is 25.2% by 2026 for this segment…Continued
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