IMARC Group has recently released a new research study titled “Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
The global digital payment market is expected to exhibit a growth rate (CAGR) of 16.4% during 2023-2028. Digital payment represents a fast, secure, and convenient payment or money transfer method that is conducted over the internet or electronic channels. It can be categorized into several types, including mobile wallets, internet banking, unified payments interface (UPI), banking cards, etc. Digital payment solutions allow individuals to pay directly from their banks and enable efficient tracking of transaction details by storing payment data in a merchant-specific database available to both merchants and consumers. They prove to be more reliable, transparent, and safer than traditional payment procedures, as all transactions are processed by secure gateways. Digital payment services even provide enhanced traceability, ease of use, faster processing, and lower theft risk. Consequently, they are in extensive applications across various sectors, such as banking, telecommunication, information technology (IT), healthcare, media, e-commerce, transportation, etc.
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Digital Payment Market Trends:
The escalating demand for real-time payments among the masses that ensure immediate funds availability, instant confirmation, settlement finality, integrated information flows, etc., is primarily driving the digital payment market. Additionally, the growing utilization of mobile wallets, owing to improved security, flexibility, and convenience, and the expanding adoption of the near-field communication (NFC) technology and quick response (QR) code are further stimulating the global market. Moreover, the elevating focus of leading e-commerce companies on developing point-of-sale (POS) systems to effectively handle online and in-store transactions is acting as another significant growth-inducing factor. Apart from this, the increasing penetration of 5G network connectivity that assists digital payment service providers in implementing prompt and efficient fraud prevention measures is also positively influencing the market. Furthermore, the rising usage of these payment services in the government segment to cover multiple citizen-to-government or C2G and government-to-citizen or G2C payments is expected to propel the digital payment market in the coming years.
Digital Payment Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the digital payment market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global digital payment market based on component, payment mode, deployment type, end use industry and region.
Breakup by Component:
Solutions dominate the market due to the increasing preference for online shopping across the globe.
Breakup by Payment Mode:
Digital wallets account for the largest market share as it is a secure channel for transferring money and making payments.
Breakup by Deployment Type:
At present, on-premises exhibit a clear dominance in the market due to rising incidents of financial fraud in various organizations around the world.
Breakup by End Use Industry:
Digital payment finds extensive application in the BFSI sector for making cross-border and domestic transactions.
Breakup by Region:
North America enjoys the leading position in the market due to the convenience, reliability, and security offered by digital payments.
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