According to a new market research report titled, ‘Digital
Payment Market by Offering (Solution & Services), Payment Mode (Digital
Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel
& Hospitality, Healthcare, Others), Organization Size and Geography -
Global Forecasts to 2029,’ the digital payment market is projected to reach
$274.61 billion by 2029, at a CAGR of 16.6% from 2022 to 2029.
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Digital payments are transactions that take place via
digital or online modes, with no physical exchange of money involved. This
means that both parties, the payer, and the payee, use electronic mediums to
exchange money. Digital payment transactions have grown rapidly in emerging
markets during the past two years as the pandemic accelerated shifts to
contactless payments and e-commerce.
The growth of this market is attributed to the increased
adoption of digital payment modes, rising government initiatives for the
adoption of digital payment and growing partnerships between banks and fintech
to leverage customer experience. In addition, the increasing use of payment
applications across different industry verticals and the rising adoption of
contactless payment are expected to offer significant opportunities for the
growth of this market. However, a low level of awareness of online payments in
rural areas can restrain the growth of this market to some extent.
Based on offering, the digital payment market is segmented
into solutions and services. In 2022, the solutions segment is expected to
account for the largest share of the global digital payment market. The growth
of the segment is attributed to the declining cash usage, the growing
e-commerce industry, development in mobile payment technology, and increased
use of mobile wallets.
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Based on payment mode, the digital payment market is
segmented into digital wallets, banking cards, point of sales, internet
banking, and other payment modes. In 2022, the digital wallets segment is
expected to account for the largest share of the global digital payment market.
Additionally, this segment is expected to grow at the highest CAGR during the
forecast period. Factors such as increasing population, rising adoption of
smartphones, rising number of internet subscribers, and rapid growth in the retail
and e-commerce sector across the countries such as India and China are driving
the market.
Based on end user, the digital payment market is segmented
into BFSI, retail, travel and hospitality, healthcare, IT and telecom, media
and entertainment, and others. In 2022, the BFSI segment is expected to account
for the largest share of the global digital payment market. The rising demand
for digital remittances for cross-border and domestic transactions is
encouraging banks to adopt digital payment solutions.
However, the retail segment is expected to grow with the
highest CAGR during the forecasted period. Retail e-commerce sales are rapidly
increasing due to government support, increased smartphone penetration, and
application usage, and the promise of a better shopping experience is likely to
boost. The increasing usage of mobile payments in the retail industry,
primarily in the e-commerce sector, boosts the digital payment market in the
retail sector.
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Based on organization size, the digital payment market is
segmented into large enterprises, small and medium-sized enterprises. In 2022,
the large enterprises segment is expected to account for the largest share of
the global digital payment market. Additionally, this segment is also expected
to grow at the highest CAGR during the forecast period. The increasing number
of high valuations transactions in large enterprises is compelling these
enterprises to opt for premium digital payment solutions.
Based on geography, the digital payment market is segmented
into North America, Asia-Pacific, Europe, Latin America, and the Middle East
& Africa. In 2022, North America is expected to account for the largest
share of the digital payment market. North America’s strong financial position
enables it to invest heavily in advanced solutions and technologies, which has
provided regional organizations with a competitive edge in the market. The
growing use of smartphones, increasing internet speed and reliability, and a
growing user base of tech-savvy millennials provide significant opportunities
for this market’s growth and integration.
The report also includes an extensive assessment of the key
growth strategies adopted by the leading market participants between 2020 and
2022. The key players operating in the digital payment market are PayPal
Holdings, Inc. (U.S.), Fiserve, Inc. (U.S.), FIS (U.S.), Block, Inc., formerly
Square, Inc. (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.),
Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc.
(U.S.), JPMorgan Chase & Co. (U.S.),
WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies,
Inc. (U.S.).
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