The method of cashless banking enables consumers to send and receive money via electronic means. The finest aspect of this type of transaction is that it fully does away with the use of money since anything is done through wallets, digital currency modes, Net banking, and other similar methods. Marketing Research Future (MRFR) forecasts the Digital payments Market industry will reach 287.56 billion USD with a 14.83% CAGR from 2020-2030, based on the adoption of online payments networks in 2020 alone (forecast period). International attempts to promote online currencies, the higher incidence of mobile phones allowing mobile business development, an increase in eCommerce sales, and a rise in Internet usage are all projected to cause the online payments industry to develop.
The COVID-19 epidemic has had a substantial effect on several companies and professions. Whether it is in the production, travel, tourism, logistics, health services, or retail sectors, COVID-19 has significantly slowed down the chances for corporate growth. Companies including IT, finance and economic resources, telecommunications, and investment management could not prevent the impact of the epidemic in front of the new standard of WFH, and the public sector was also not an exception in this regard. Governmental support for contactless payment methods to stop the infection’ from spreading, however, has greatly boosted the industry for electronic payments.
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Digital Payment Market Report Scope:
|Revenue Forecast in 2030:||USD 287.56 Billion|
|Growth Rate:||CAGR of 14.83% from 2020 to 2030|
|Forecast Period:||2020 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
Furthermore, following the WHO’s guidelines, the bulk of individuals chose electronic payment methodologies like UPI, Wallets, NEFT, IMPS, etc. as their chosen shape of transaction for money transfers, bill payments, or payments for any sort of product or activity. In reality, many independent company entities and merchants were left with little choice but to provide their customers with an online shopping experience; this resulted in a significant increase in the overall market share of digital payment market platforms.
Also, with the effects of COVID-19 in particular, the industry for digital payments has had a significant rising trend recently. It is now widely acknowledged that e-commerce may be a crucial instrument in the global economic sphere. E-commerce purchases have been a huge source of help for small and medium-sized enterprises. As a result, e-commerce will give the digital payment market unwavering assistance in the days ahead as it increases to a record peak. Strong global growth in the adoption of smartphones has made online currencies a much more practical and consumer choice in underdeveloped countries.
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This market is segmented into three major groups that are component, deployment, and vertical. Based on the component this is divided into solutions and services. Based on the deployment this is divided into the cloud and On-Premises. Based on the vertical it is divided into the Bfsi, Media & Entertainment, IT & telecommunication, hospitality, healthcare, and retail & e-commerce.
This market is classified into five major regional groups that are North America which is dominant, Asia-Pacific, Middle East, and Africa.
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The major player in this market is PayPal, MasterCard Incorporated, Paytm mobile solutions Private Limited, Visa Inc., Amazon.com, and last Alipay.com Co. Ltd.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.