Digital Payment Market Overview
The global digital payment market trends are expected to grow from USD 88.1 billion in 2021 to USD 180.2 billion by the end of the ongoing forecast period in 2028. The global market is projected to grow at a CAGR of 15.4% during the forecast period. The digital payment market is expected to grow, owing to the worldwide initiatives to promote digital payments, the high proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales and growth in internet penetration.
The outbreak of the COVID-19 pandemic has significantly impacted operations in a few key sectors, such as manufacturing, logistics, hospitality, transportation, healthcare, and retail, and moderately impacted a few sectors that include IT and telecom, followed by others like energy and utilities, government, education, and BFSI. The pandemic outbreak has accelerated the adoption of contactless and wallet payments. However, some of the wallet service providers have increased their fees for merchants and consumers, leading to merchants not accepting their wallets for transactions.
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Countries across the world will implement ICT technologies to promote digital economies. Digital payment market is one of the primary growth imperatives for a country’s economy owing to the wide adaptation and convenience offered. It helps to boost productivity and economic growth, improve transparency, increase tax revenue, expand financial inclusion, and open new economic opportunities for end-users. For example, the Government of India has launched various initiatives to help promote digital payments. Initiatives such as Digital India, the launch of the Unified Payments Interface (UPI), and the 14444-helpline number act as catalysts in the shift towards digital payment market.
Digital Payment Market Segmentation
The digital payments market has the following segments and sub-segments to enhance the market share and improve the ability of the market to meet the rising needs of the global target audience. The segments and their sub-segments are as follows:
Digital Payment Market By Component
- Payment Gateway Solutions
- Payment Processing Solutions
- Payment Wallet Solutions
- Payment Security and Fraud Management Solutions
- Point of Sale (POS) Solutions
- Professional Services
- Support and Maintenance
- Managed Services
By Deployment Type
Digital Payment Market By Organization Size
- Small and Medium-sized Enterprises
- Large Enterprises
- Banking, Financial Services, And Insurance
- Retail and Ecommerce
- Travel and Hospitality
- Transportation and Logistics
- Media and Entertainment
- Other Verticals
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Digital Payment Market Regional Analysis
The global digital payment market covers 5 major geographic regions, namely the North American region, Asia Pacific (APAC), Europe, MEA, and Latin America. The APAC region is projected to witness the highest growth rate. These countries in the region have undertaken major initiatives to improve the payment industry. For instance, Asian Payments Network (APN) is a group of 11 Asian countries, including the Philippines, China, Singapore, Malaysia, Thailand, Vietnam, Indonesia, South Korea, Japan, New Zealand, and Australia, to promote cross-border banking transactions in the region.
According to the information stated by the Central Statistics Office (CSO), by 2021, the loss incurred due to cyberattacks would hit USD six trillion annually, up from USD three trillion in 2015. Additionally, as per the Association for Financial Professionals (AFP) Payments Fraud and Control Survey Report of 2020, in 2019, more than 81% of organizations experienced cyber-attacks worldwide. Thus, the growing number of cyberattacks is expected to slow down owing to the adoption of digital payment services. Also, as per the AFP Payments Fraud and Control Survey Report of 2018, more than 86% of organizations have experienced cyberattacks. Thus, the increasing cyber-attacks are expected to slow down the adoption of the digital payment solutions and services.
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