Rising Internet proliferation and growth of e-commerce are key factors driving global digital payment market growth
The global digital payment market size is expected to reach USD 215.88 Billion at a steady CAGR of 13.3% in 2028, according to latest analysis by Emergen Research. Factors driving steady market revenue growth include rising Internet proliferation and growth of e-commerce sector. According to the International Telecommunication Union (ITU), in 2019, over 4 Billion individuals (51% of the global population) had access to the Internet, an increase of 8.1% from the previous years.
The latest market intelligence report, titled ‘Global Digital Payment Market’, is intended to provide the target audience with the necessary information about the global Digital Payment industry.
Rising Internet proliferation has been pivotal in spurring growth of e-commerce sales, which in turn, is driving demand for digital payment methods such as digital wallets as a means to a secure, convenient, and fast payment method for e-commerce customers. Digital wallet enables a pleasant and improved online shopping experience by eliminating complications in checkout processes, which are the primary reasons behind shoppers abandoning their shopping carts. Additionally, digital wallets are also beneficial in enhancing customer loyalty, thereby encouraging e-commerce service providers to integrate digital wallets in their digital payments options.
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Key players in the market include Mastercard Inc., Fiserv Inc., Visa Inc., JPMorgan Chase & Co., PayPal Holdings Inc., Intuit Inc., Global Payments Inc., Stripe, PayU, and ACI Worldwide Inc.
Digital payment security and fraud management solutions incorporate innovative security features, such as biometric authentication and tokenization to help lessen the threats associated with scams and chargebacks. A digital wallet, such as Alipay, deploys tokenization and advanced customer authentication to provide higher rates of transaction approval than other payment methods. Thus, digital payments, by delivering enhanced payment flexibility allows businesses to protect their revenue by preventing customer churn arising from insufficient at the time of making a purchase.
The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the Digital Payment market players.
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The research study presents an industry-wide summary of the Digital Payment market, including drivers, constraints, technological advancements, product developments, limitations, growth strategies, growth prospects, etc. among others. The Digital Payment7 report analyzes the market based on different categories, such as product types, end-user applications, and leading geographical regions.
The Digital Payment market report provides an in-depth analysis of the key competitors operating in the industry. The report offers insights into their product portfolio, business overview, financial standing, market position, revenue generation, market share and market size, and production and manufacturing capacity along with pricing analysis.
Emergen Research has segmented the global digital payment market on the basis of offering, organization size, mode of deployment, industry vertical, and region:
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The Digital Payment industry report mainly focuses on the key market regions where the market is spread, including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report further focuses on the key segments of the market, such as product types, application spectrum, technology, end-user industries, among others.
Major Geographies Analyzed in the Report:
Key Questions Answered in the Report:
Take a look “Table of Content Digital Payment market”:
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Digital Payment Market Segmentation & Impact Analysis
4.1. Digital Payment Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
126.96.36.199. Rising internet proliferation and growth of e-commerce
188.8.131.52. Growing demand for contactless payments
184.108.40.206. Rise in promotional activities to boost digital payment adoption
220.127.116.11. Growing smartphone penetration and preferences for m-commerce
4.2.3. Market restraints analysis
18.104.22.168. Privacy & security concerns
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Digital Payment Market By Offering Insights & Trends, Revenue (USD Billion)
5.1. Offering Dynamics & Market Share, 2021 & 2028
22.214.171.124. Payment Gateway Solutions
126.96.36.199. Payment Wallet Solutions
188.8.131.52. Payment Processing Solutions
184.108.40.206. Payment Security & Fraud Management Solutions
220.127.116.11. Point of Sale Solutions
18.104.22.168. Professional Services
22.214.171.124. Managed Services
Chapter 6. Digital Payment Market By Organization Size Insights & Trends, Revenue (USD Billion)
6.1. Organization Size Dynamics & Market Share, 2021 & 2028
6.1.1. Large Enterprise
6.1.2. Small & Medium-sized Enterprises
Chapter 7. Digital Payment Market By Mode of Deployment Insights & Trends, Revenue (USD Billion)
7.1. Mode of Deployment Dynamics & Market Share, 2021 & 2028
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