Digital Payment Market News, Regional Insights, Top Key Players and Segment Analysis by Forecast to 2030
Market Research Future Insights
According to MRFR analysis, the global Digital
Payment Market
Size is expected to
register a CAGR of 14.83% from 2020 to 2030 and hold a value of over USD 287.56
Billion by 2030.
A digital payment is an electronic payment made by one
gathering to the other for purchasing goods and services. A digital payment
consequence is debiting the amount from the payer’s account and crediting the
same sum to the payee’s account. The global efforts to adopt a unified payments
interface in combination with the mounting rate of digitization, especially in
the Asia-Pacific region, are boosting the growth of the market. Further, rising
awareness about these interfaces' safety and security will drive market growth.
Additionally, the growing trend of digitalization further
offers numerous growth opportunities within the market. The COVID-19
epidemic has benefited the expansion of the market and the post-pandemic period
will remain to push forward the market growth rate. The epidemic phase has led
to the widespread acceptance of contactless payment systems, mainly e-wallets.
Though the manufacturing industry was hit badly, the market for digital
payments saw an increase in bill payments, Peer to Peer (P2P) transfers, and
Customer to Business (C2B) payments during the lockdown period.
Key Players
Some of the key market players are
· Amazon.com
· MasterCard
Incorporated
· Amazon.com
· Paytm
Mobile Solutions Private Limited
· Alipay.com
Co. Ltd
The
digital payment market is constantly evolving with advancements in technology,
changing consumer behavior, and emerging trends. Here are some key trends
shaping the digital payment market:
Mobile Payments: The
widespread adoption of smartphones has fueled the growth of mobile payments.
Consumers are increasingly using mobile payment apps and digital wallets to
make payments conveniently and securely. The integration of Near Field
Communication (NFC) technology, biometric authentication, and QR code payments
has further accelerated the adoption of mobile payments.
Contactless Payments:
Contactless payment methods, such as tap-to-pay cards and mobile wallets, have
gained significant popularity, especially in response to the COVID-19 pandemic.
The convenience and safety of contactless payments have driven increased
acceptance from merchants and consumers alike. The use of NFC technology
enables quick and secure transactions by simply tapping or waving the payment
device near a contactless-enabled terminal.
E-commerce Growth: The
rise of e-commerce has been a major driver for digital payments. With the
convenience of online shopping, consumers are increasingly using digital
payment methods to make purchases. The growth of online marketplaces,
omnichannel retailing, and cross-border e-commerce has further expanded the
scope of digital payments.
Peer-to-Peer (P2P)
Payments: P2P payment platforms have gained popularity as consumers seek
convenient ways to transfer money to friends, family, or businesses.
Peer-to-peer payment apps enable users to send and receive funds instantly,
bypassing traditional banking channels. Social media platforms are also
integrating P2P payment features, further driving the adoption of this payment
method.
Rise of Digital
Wallets: Digital wallets, such as Apple Pay, Google Pay, Samsung Pay, and
PayPal, have become increasingly prevalent. These wallets store payment card
information securely, allowing users to make seamless and secure payments in
physical stores, online, and in-app. The integration of loyalty programs,
rewards, and coupons within digital wallets enhances the overall user
experience.
Biometric
Authentication: Biometric authentication methods, including fingerprint
recognition, facial recognition, and iris scanning, are being increasingly
integrated into digital payment solutions. Biometrics provide an added layer of
security and convenience, replacing traditional PINs or passwords. This trend
is expected to continue as biometric technology becomes more advanced and
widely adopted.
Open Banking and APIs:
Open banking initiatives and the use of Application Programming Interfaces
(APIs) are transforming the digital payment landscape. Open banking allows
third-party developers to access banking data securely, enabling new payment
services, innovative applications, and seamless integration between financial
institutions and fintech companies.
Blockchain and
Cryptocurrency: The emergence of blockchain technology and cryptocurrencies has
disrupted the traditional payment ecosystem. Blockchain offers secure,
transparent, and decentralized payment solutions, reducing the need for
intermediaries. Cryptocurrencies like Bitcoin and Ethereum are being
increasingly accepted as a form of digital payment, with merchants and
businesses adopting them as a payment option.
Internet of Things
(IoT) Payments: The integration of IoT devices and payment capabilities is
opening up new avenues for digital payments. Connected devices, such as smart
home appliances, wearables, and connected cars, can initiate payments
autonomously, creating a seamless payment experience for consumers.
Security and Fraud
Prevention: As digital payments become more prevalent, security and fraud
prevention measures are becoming increasingly important. Payment providers are
implementing advanced encryption, tokenization, and multi-factor authentication
to protect user data and prevent unauthorized access or fraudulent
transactions.
Cross-border and
Global Payments: The global nature of businesses and the growth of
international e-commerce have fueled the demand for efficient cross-border
payment solutions. Fintech companies and payment service providers are offering
solutions that simplify and streamline cross-border transactions, providing
competitive exchange rates, and reducing transaction costs.
Embedded Payments:
Embedded payments refer to integrating payment capabilities directly into
Market Segmentation
The global
Digital Payment Market has been segmented into Payment types and Industry.
Based on the Payment type, The Global Digital Payment
Market has been segmented into mobile payment, online banking, point of sale
(POS), and digital wallet. The mobile payment segment is further considered
into proximity payment and remote payment, while the point of sale (POS)
segment is sub-segmented into the debit card at POS, credit card at POS, and
near field communication over the card at POS. Mobile payment is the
transaction of money through mobile devices consuming application-based payment
solutions. Mobile payment technology adoption is growing mainly owing to the
proliferating smartphone adoption and increasing purchasing power of users.
Based on the Industry, The Global Digital Payment
Market has been segmented into media & entertainment, retail, BFSI,
automotive, medical & healthcare, transportation, consumer electronics, and
others. The digitalization of payments is generating a vast scope in the retail
industry. The retail sector is the initial adopter of digital payment. In the
initial stages of digital payment, payment through debit and credit cards was
mostly cast off in retailing.
Software Defined Everything Market
Regional Analysis
North America is dominating the digital payment market
owing to the existence of major players in this region such as Visa, PayPal
Holdings, Inc., and MasterCard. The occurrence of advanced infrastructure in the region is
another important factor determining the dominance of this region.
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