The Forecasted Digital Payment Market Value

The global digital payment market is growing at a rapid pace. It is expected to reach US$ 236.10 (About CA$ 298.76) billion by 2028. Data also says that the digital payment market might register a CAGR of 19.4 percent from 2021- 2028. There are many reasons for this rapid growth. They vary from the sharp rise in the volumes of non-cash transactions and the increase in the technological developments in the fintech sector. It was all highlighted in the latest report by Grand View Research.

The Changes

Different fintech companies and banks are adapting their organizations to meet the growing needs of customers. Also, biometric authentication in digital payments is expected to increase in the next few years. For those who are unaware, it's a verification method that involves verifying the biological characteristics of a person, such as their fingerprints, heartbeat, vein mapping, etc. This authentication method will possibly help protect assets worth US$ 2.5 (about CA$ 3.16) trillion by 2024. The adoption of self-checkout systems in the retail industry will also drive market growth as people use technology to avoid long queues.

Key Highlights

The report highlighted the following about the digital payments market

·       The on-premises segment dominated the market in 2020. It helps in ensuring the safety of transactions.

·       The large enterprise segment dominated the market in 2020. Several large enterprises have chosen digital payment solutions to efficiently and effectively manage payment transactions, boost customer experience, reduce the time needed to complete the payments, and improve the visibility of transactions.

·       BFSI segment dominated the market in 2020. Thanks to the constant digitalization of banks and several other financial institutions, this growth will continue in the future.

·       The adoption of digital payment solutions is rising in large economies like China and India. It will create more growth opportunities for key players in the Asia-Pacific region during the forecast period.


Digital Payment Market Segmentation

The report by Grand View Research has segmented the global digital payment market based on the mode of payment, solution, enterprise size, deployment, region, and end-use.

Digital Payment Solution Outlook 

The key factors highlighted in this section are:

·       Payment Gateway

·       Application Program Interface

·       Payment Processing

·       Transaction Risk Management

·       Payment Security & Fraud Management

·       And Many Others

Digital Payment Mode of Payment Outlook 

The report also highlighted digital payment mode of payment outlook and highlighted options like net banking, bank cards, digital wallets, digital currencies, Points of Sales (POS), and others.

Digital Payment Deployment Outlook 

The key technologies highlighted in this section were Cloud and On-premises

Digital Payment Enterprise Size Outlook 

The report mentioned that the size consists of two sections, Large Enterprises and Small & Medium Enterprises.

Digital Payment End-use Outlook


The end-use is higher in the following industries:

·       BFSI

·       IT & Telecom

·       Healthcare

·       Retail & E-commerce

·       Transportation

·       Media & Entertainment

·       And Others

Digital Payment Regional Outlook 

The regions highlighted were the US, North America, Canada, Germany, Europe, the UK, China, India, Japan, Brazil, and Middle East & Africa

The Key Players in the Digital Payment Market

The key players in the market highlighted by the reports were Aliant Payments, Adyen, Aurus Inc., PayPal Holdings Inc., Financial Software & Systems Pvt. Ltd., Novatti Group Pty Ltd., Global Payments Inc., ACI Worldwide, Inc., Authorize.Net, and Wirecard.

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