Market Research Future Insights
According to MRFR analysis, the global Digital Payment Market size is expected to register a CAGR of 14.83% from 2020 to 2030 and hold a value of over USD 287.56 Billion by 2030.
A digital payment is an electronic payment made by one gathering to the other for purchasing goods and services. A digital payment consequence is debiting the amount from the payer’s account and crediting the same sum to the payee’s account. The global efforts to adopt a unified payments interface in combination with the mounting rate of digitization, especially in the Asia-Pacific region are boosting the growth of the market. Further, rising awareness about these interfaces’ safety and security will drive market growth. Additionally, the growing trend of digitalization further offers numerous growth opportunities within the market. The COVID-19 epidemic has benefited the expansion of the market and the post-pandemic period will remain to push forward the market growth rate. The epidemic phase has led to the widespread acceptance of contactless payment systems, mainly e-wallets. Though the manufacturing industry was hit badly, the market for digital payments saw an increase in bill payments, Peer to Peer (P2P) transfers, and Customer to Business (C2B) payments during the lockdown period.
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Key Players
Some of the key market players are
- com
- PayPal Visa Inc.
- MasterCard Incorporated
- com
- Paytm Mobile Solutions Private Limited
- com Co. Ltd
Market Segmentation
The global Digital Payment Market has been segmented into Payment types and Industry
Based on the Payment type, The Global Digital Payment Market has been segmented into mobile payment, online banking, point of sale (POS), and digital wallet. The mobile payment segment is further considered into proximity payment and remote payment, while the point of sale (POS) segment is sub-segmented into the debit card at POS, credit card at POS, and near field communication over the card at POS. Mobile payment is the transaction of money through mobile devices consuming application-based payment solutions. Mobile payment technology adoption is growing mainly owing to the proliferating smartphone adoption and increasing purchasing power of users.
Based on the Industry, The Global Digital Payment Market has been segmented into media & entertainment, retail, BFSI, automotive, medical & healthcare, transportation, consumer electronics, and others. The digitalization of payments is generating a vast scope in the retail industry. The retail sector is the initial adopter of digital payment. In the initial stages of digital payment, payment through debit and credit cards was mostly cast off in retailing.
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Regional Analysis
North America is dominating the digital payment market owing to the existence of major players in this region such as Visa, PayPal Holdings, Inc., and MasterCard. The occurrence of advanced infrastructure in the region is another important factor determining the dominance of this region.
Asia-Pacific region is showing a capable potential and therefore, is set to produce the highest growth rate during the estimated period. This is because of the emerging UPI platforms and the augmented number of smartphone users.
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