According to IMARC Group’s new report, titled “Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global digital payment market grew at a CAGR of around 20% during 2014-2019. Looking forward, IMARC Group expects the global market to continue its moderate growth by 2025.
The global digital payment market is currently driven by high internet connectivity and increasing rising penetration of Internet-of-Things (IoT)-based devices. In line with this, the governments across various countries are undertaking numerous initiatives to promote and support digital payment as it helps them to restrain tax frauds and maintain money trails. Furthermore, the emergence of e-commerce platforms, along with the integration of digital payments with several advanced technologies, such as blockchain, machine learning, Artificial Intelligence (AI), etc., is also propelling the digital payment market growth. Moreover, the sudden outbreak of the COVID-19 pandemic, in early 2020, had resulted in a rapid shift towards digital payment solutions to mitigate the risk of coronavirus infection in cash-based transactions requiring human interaction.
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Digital payment or electronic payment is a convenient and secured payment method of sending or receiving money electronically or over-the-internet. It is more reliable and safer than conventional cash transactions by providing secured payment gateways and direct transactions with the banks. Furthermore, digital payments are easily traceable as details of the payments are stored in a merchant-specific database. Both merchants and customers have access to the payment information to avoid ambivalence and confusion while tracking payments.
Digital Payment Market 2020-2025 Competitive Analysis and Segmentation:
The competitive landscape of the global 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:
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:
Breakup by Payment Mode:
Breakup by Deployment Type:
Breakup by End Use Industry:
Breakup by Region:
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Key highlights of the report:
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