Digital payment market size was valued at USD 3.53 trillion in 2018 and is projected to reach USD 19.89 trillion by 2026 at CAGR of 24.4% ⅼ Renub Research

Digital payment means dealings completed through digital or online mediums. It means doing the transactions through electronic medium like laptops, pads, smartphones etc. The online payment system has evolved through the time. Many new payment systems have been introduced in the years such as swapping of credit or debit cards on POS machines, scanning QR codes, NFC cards etc. Besides the rising internet penetration is expanding the digital payment market like never before. Digital payments have transformed the payment industry for goods and services.

Bank cards consist of Credit & Debit cards, Prepaid cards, commercial cards, etc. People use credit and debit cards for convenience, safety, and mobility.

Mobile wallets give options to users with digital currency instead of carrying cash. Customers can do the digital banking transactions just by linking their bank account with their wallets. A digital wallet offers the customer to directly transfer from ones account to other, which can be liked to their respective bank accounts.

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(UPI) the complete form is United Payments Interface. In this system, various bank accounts are consolidated into a single system. This system facilitates easy money transfer through QR codes or phones nos. hence it removes the requirement of detailed bank information. In India, UPI has gained lot of popularity as a easy mode of digital payment.

Internet and mobile banking have transformed the way customers use banking. Through Internet banking, users can do the banking through the bank's website, and those who use the bank's mobile application to access the bank's offerings are known as Mobile banking.

India is the global leader in digital payments market. In India the National Payments Corporation of India has introduced Aadhaar Enabled Payment System (AEPS) to use Aadhar authentication for banking purposes. In this system customers can their bank Aadhar certified accounts to transfer funds without doing any physical activity. Customers can also make digital payments through the use of AEPS at PoS terminals and micro ATMs.

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Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.

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Digital Payment Market, Size, Share, Growth and Key Players | Forecast (2023 - 2030) | Renub Research

Renub Research has recently published a report named " Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2030," providing a detailed industry analysis that consists of market share insights. Furthermore, the report encompasses a study of competitors and regions and the recent growth in the Digital Payment Market.

Digital Payment Market is expected to grow at a CAGR of 15.20% from 2023 to 2030. This brilliant growth can be attributed to the fast digitization of company, the sizable adoption of mobile devices, and the proliferation of e-commerce, all of which have significantly contributed to the substantial evolution and transformation of the digital payment industry. This dynamic market consists of diverse systems, offerings, and price options designed to decorate the overall performance and comfort of digital transactions for each companies and consumers. A giant motive force at the back of this growth is the increasing popularity of digital payment methods, eclipsing traditional choices, which include cash and cheques. Digital alternatives, which consist of credit cards, debit cards, and virtual wallets, have received prominence as consumer prioritize the swiftness and ease of digital payments for monetary transactions.

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Moreover, the growth of digital wallets and commercial industry including PayPal, Google Pay, Apple Pay, and community businesses has furnished users with solid and intuitive price solutions. Digital wallets have come to be important in virtual and mobile exchange, leading to massive adjustments in charge methods. The growing reputation of mobile payment with the help of smartphones and specialised apps has revolutionized transactions, making it simpler for users to make payments at the same time as on the go, whether at physical stores, online system, or thru peer-to-peer transfers. As a result, Renub Research predicts that the Digital Payment Market could be worth US$ 24.31 Billion with the aid of 2030.

In the digital payment market, there may be a consistent drive for innovation and opposition, leading to the implementation of biometric authentication, block chain technology, and realtime processing. With the growing range of digital transactions, safety features ought to be a top priority to guard personal financial data. Advanced fraud detection, multi factor authentication, and robust encryption make guaranteed the protection and reliability of digital payment for all users and service providers.

The digital payment segment is hastily evolving, and governments and monetary oversight authorities are taking proactive measures to defend consumers and promote market competitiveness. These measures cover a few regions, Such as data privacy, financial safety, and customer safety, and they require cost provider vendors to stick to strict recommendations. By continuously adapting to the changing digital payment panorama, these regulatory initiatives are crucial in fostering trust and making sure virtual charge services perform fairly and effectively.

Online E-commerce segment is experiencing growth in digital payment Industry.

Increased consumer trust, user-friendly interfaces, and the widespread use of mobile devices have fueled the rise of digital transactions. The shift towards digital purchases has further accelerated this growth. Adopting robust security measures and diverse payment options has also been instrumental in driving the success of digital commerce.

Segments – The Digital Payment Market has been covered from three viewpoints.

  1. Digital Commerce
  2. Digital Remittance
  3. Mobile POS Systems

E-Wallets are the fastest-growing segment in the digital payment market due to their unparalleled convenience, security features, and broad acceptance.

E-Wallets provide users with a seamless and quick way to make transactions and save their economic statistics securely. Their recognition is further propelled by the speedy digitalization of economic offerings and the increased adoption of mobile phones. The numerous programs and structures assisting E-Wallets, coupled with their ease of use, position them as a dominant force in the rapid enlargement of the digital charge market.

Methods – The Digital Payment Market has been covered from five viewpoints.

  1. Credit Cards
  2. E-wallets
  3. Debit cards
  4. Charge and Deferred Debit cards
  5. Bank Transfers

The banking and financial sectors are poised to dominate a significant share of the digital payment market due to their well-established reputation for trust and security.

Financial institutions offer various digital payment services, digital wallets, digital banking, and payment gateways, ensuring users' seamless and dependable experience. With the growing trend of digital and contactless bills, the banking and financial sectors are well-established to capitalize on this demand, offering complete services and driving their pivotal role in the digital payment market.

Application – The Digital Payment Market has been covered from nine viewpoints.

  1. Banking & Financial Sectors
  2. Hotels & Restaurants
  3. Ecommerce
  4. Retail
  5. Corporate Sectors
  6. Public Sectors
  7. Healthcare
  8. Transportation & Telecommunication
  9. Others

Marketplace platforms have emerged as dominant players in the digital payment market.

These structures offer a one-stop shop for numerous products and services, necessitating robust and versatile payment solutions. Integrating stable and people-friendly payment gateways simplifies transactions for shoppers and dealers, enhancing the overall buying experience. Their considerable reach and consumer base, blended with seamless payment processing, make market structures a relevant force in propelling the growth of the digital payment market.

Platform – The Digital Payment Market has been covered from two viewpoints.

  1. Proprietary
  2. Marketplace

The payment gateway sector is experiencing explosive growth in the digital payment market.

With the rising prevalence of e-trade and virtual payments, there is a developing need for dependable payment processing, as each corporation and purchaser is looking for steady and honest alternatives. Payment gateways are the bridge among parties, supplying crucial encryption and fraud prevention. Their role in enhancing the convenience and trustworthiness of digital transactions has rendered them fundamental. As the digital financial system continues to amplify, the payment gateway sector is poised for sustained growth and achievement.

Solution – The Digital Payment Market has been covered from six viewpoints.

  1. Application Program Interface
  2. Payment Gateway
  3. Payment Security
  4. Payment Processing and Fraud Management
  5. Transaction Risk Management
  6. Others

 

China has firmly established itself as a global leader in the digital payment market.

China boasts a massive and digitally savvy population, making it a fertile ground for mobile payment adoption. Leading Chinese companies like Alipay and WeChat Pay have created highly integrated ecosystems encompassing payments, e-commerce, and other services. Stringent regulations and robust cybersecurity measures have fostered trust among users. China's relentless push for innovation and the government's support of digital initiatives has solidified its position as a global digital payment market leader.

Country – This report covers 27 Countries Digital Payment Market

  1. North America

1.1    United States

1.2    Canada

  1. Latin America

2.1    Brazil

2.2    Mexico

2.3    Argentina

  1. Europe

3.1    United Kingdom

3.2    France

3.3    Germany

3.4    Spain

3.5    Italy

3.6    Netherlands

3.7    Norway

3.8    Sweden

3.9    Switzerland

3.10    Russia

3.11    Turkey

 

  1. Asia Pacific

 

4.1    India

4.2    China

4.3    Japan

4.4    Indonesia

4.5    Korea

4.6    Australia

 

  1. Middle East and Africa

 

5.1    Saudi Arabia

5.2    UAE

5.3    Israel

5.4    South Africa

 

  1. Rest of the World

 

Competitive Landscape

The leading global digital payment market companies are Paypal Holdings Inc., Visa Inc., Mastercard Incorporated, Amazon.Com Inc., Alphabet Inc., ACI Worldwide, American Express Co., Stripe Inc., Fiserv Inc., and Apple Inc.

 

Company Insights

 

  • Overview
  • Recent Development and Initiatives
  • Sales Analysis

 

Analysis of the companies present in the digital payment market

 

  1. Paypal Holdings Inc.
  2. Visa Inc.
  3. Mastercard Incorporated
  4. Amazon.Com Inc.
  5. Alphabet Inc.
  6. ACI Worldwide
  7. American Express Co.
  8. Stripe Inc.
  9. Fiserv Inc.
  10. Apple Inc.+

 

About the Company: 

Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.

Contact Us:

Renub Research         

Phone No: +1-478-202-3244 | +91-120-421-9822 (IND)

Email: info@renub.com

LinkedIn: https://in.linkedin.com/company/renub-research

Web: www.renub.com