Major players in the digital payments market are Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc. , and MasterCard. The global digital payments market is expected to grow from $5058.
New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Payments Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151613/?utm_source=GNW
96 billion in 2020 to $5872.89 billion in 2021 at a compound annual growth rate (CAGR) of 16.1%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $9073.09 billion in 2025 at a CAGR of 11%.
The digital payments market consists of all the transactions that take place across the digital media along with the product and services associated.Digital payments is a payment mode that uses digital medium such as the internet, cell phones, and automated devices to send and receive money.
It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money.
The digital payments market covered in this report is segmented by mode of payment into point of sale, online sale. It is also segmented by end-user industry into retail, banking and financial service, telecommunication, government, transportation, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
A breach in security is expected to hinder the digital payments market globally.The increase in digitalization of payments has led to security breaches incurring loss to the merchants and customers as well.
According to the American Express digital payments survey in 2019, 8 of 10 respondents have said they experienced some type of fraud in their business.In 2018, a top airline carrier has experienced a security breach where the hackers have collected 244,000 credit card details.
They have charged between $9 and $59 for each credit card detail on the dark web, generating an amount of $12.2 million. The threat of security thereby hinders the digital payments market.
In July 2019 Fidelity National Information Services, Inc., an US-based international company that provides financial services technology and outsourcing services have acquired world pay for an amount of $43 Billion. This acquisition enhances the global technology position of FIS and also increases the company growth opportunities. It helps the FIS to serve its customers with new technology. World pay is a UK based technology provider and payment processing company.
Quick on boarding and ease of use is expected to drive the digital payments market.Individuals require flexible, transparent and friction free on boarding.
They are more attracted towards such methods which are frictionless in nature and as a result software innovator such as square and PayPal are using automation for decreasing the on boarding time to a few minutes.Digital payments are very easy to use compared to the conventional methods as they only require bank account or phone number and a smart phone with internet facility.
For instance, according to new data compiled by Taiwan’s government, a population of about 23 million, nearly 10 million are mobile payments users. The ease of adoption increases the number of users, thereby contributing to the growth of the market.
Contactless payments technology is soaring up in the digital payments market.Many users are increasingly opting for contactless payments technology such as mobile wallets, contactless cards, and others as there more secure and convenient to use.
Contactless payment technology uses radio frequency identification (RFID) or near field communication (NFC) for transmission of amount among users. Black Friday sales of 2019 had an 82% rise in the purchase made with mobile wallets compared to the year 2018.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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