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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Source:
https://www.grandviewresearch.com/press-release/global-digital-payments-market