Dublin, Nov. 24, 2021 (GLOBE NEWSWIRE) -- The "Global Digital Payment Market Size, Share & Trends Analysis Report 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global digital payment market size is expected to reach USD 236.10 billion by 2028 and is projected to register a CAGR of 19.4% from 2021 to 2028
The growth can be attributed to the growing volume of non-cash transactions and a rise in the fintech sector's technological developments. Various fintech companies and banks are making efforts to improve their digital offerings to meet the changing needs of customers.
For instance, in January 2021, Mogo Inc., a financial technology & digital payment company, announced the shareholder's approval for the acquisition of Carta, a digital payment company. This acquisition is expected to help the former company in strengthening its presence in the market.
Biometric authentication in digital payments is expected to gain momentum in the coming years. It is a verification method that involves the biological characteristics of the person. The verifications include facial recognition, fingerprinting scanning, heartbeat analysis, and vein mapping. According to Payments Industry Intelligence, biometric authentication solutions are expected to be used to secure USD 2.5 trillion worth of mobile payment transactions by 2024.
The increase in the adoption of new technologies such as self-checkout systems in the retail industry is expected to drive market growth. In recent days, various companies are making efforts to deploy self-checkout systems in retail stores. For instance, in June 2020, Walmart, a retail company, announced the testing of its self-checkout retail stores at multiple locations in Arkansas, Fayetteville, during the pandemic. These stores will replace the traditional cashier checkout lanes with self-checkout systems.
The COVID-19 pandemic is anticipated to impact the market growth favorably in the near future. The pandemic has led to an increase in the use of mobile-based payment solutions and online sales, which are some of the major factors driving the demand for digital payment solutions globally.
According to the study conducted by Accenture, transactions worth USD 7 trillion are expected to shift from cash to card and digital payments by 2023.
Digital Payment Market Report Highlights
In terms of deployment, the on-premise segment dominated the market in 2020. The on-premise deployment of digital payment solutions facilities secured transactions
In terms of enterprise size, the large enterprise segment dominated the market in 2020. Many large enterprises have adopted digital payment solutions to efficiently manage their payment transactions, improve visibility of transactions, and enhance customer experience by reducing the time required to complete the payment
In terms of end-use, the BFSI segment dominated the market in 2020. The continued digitalization of banks and other financial institutions is anticipated to drive the growth of the BFSI segment
The increasing adoption of digital payment solutions in emerging economies such as China and India is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period
Key Topics Covered:
Chapter 1 Executive Summary
1.1 Digital Payment Market - Industry Snapshot & Key Buying Criteria, 2016 - 2028
1.2 Global Digital Payment Market, 2016 - 2028
1.3 Global Digital Payment Market Demand, 2016 - 2028
1.4 Global Digital Payment Market Valuation, 2016 - 2028
Chapter 2 Digital Payment Industry Outlook
2.1 Market Segmentation and Scope
2.2 Market Size and Growth Prospects
2.3 Digital Payment Market - Value Chain Analysis
2.3.1 Vendor landscape
2.4 Digital Payment Market Dynamics
2.4.1 Market driver analysis
184.108.40.206 Increasing government initiatives for the promotion of digital payments
220.127.116.11 Growing penetration of smartphones
2.4.2 Market challenge analysis
18.104.22.168 Cyberattacks affecting digital payments
2.5 Penetration and Growth Prospect Mapping
2.6 Digital Payment Market - Porter's Five Forces Analysis
2.7 Digital Payment Market - Company Market Share Analysis, 2020
2.8 Digital Payment Market - PESTEL Analysis
2.9 Digital Payment Market - COVID-19 Impact Analysis
Chapter 3 Digital Payment Solution Outlook
3.1 Digital Payment Market Share By Solution, 2020
3.2 Application Program Interface
3.2.1 Digital payment application program interface market, 2016 - 2028
3.3 Payment Gateway
3.4 Payment Processing
3.5 Payment Security & Fraud Management
3.6 Transaction Risk Management
Chapter 4 Digital Payment Mode of Payment Outlook
4.1 Digital Payment Market Share By Mode of Payment, 2020
4.2 Bank Cards
4.3 Digital Currencies
4.4 Digital Wallets
4.5 Net Banking
4.6 Point of Sales
Chapter 5 Digital Payment Deployment Outlook
5.1 Digital Payment Market Share By Deployment, 2020
Chapter 6 Digital Payment Enterprise Size Outlook
6.1 Digital Payment Market Share By Enterprise Size, 2020
6.2 Large Enterprises
6.3 Small & Medium Enterprises
Chapter 7 Digital Payment End Use Outlook
7.1 Digital Payment Market Share By End Use, 2020
7.4 IT & Telecom
7.5 Media & Entertainment
7.6 Retail & E-commerce
Chapter 8 Digital Payment Regional Outlook
8.1 Digital Payment Market Share by Region, 2020
Chapter 9 Competitive Analysis
9.1 Recent Developments and Impact Analysis, by Key Market Participants
9.2 Competitive Dashboard Analysis
9.3 Company Market Positioning Analysis
9.4 Company Ranking
9.5 Market Position Analysis
9.6 Company Geographical Presence
Chapter 10 Competitive Landscape
10.1 Company overview
10.2 Financial performance
10.3 Product benchmarking
10.4 Strategic initiatives
Aliant Payment Systems
Financial Software & Systems Pvt. Ltd.
ACI Worldwide Inc.
PayPal Holdings Inc.
Novatti Group Limited
Global Payments Inc.
Total System Services, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/r3wt0f
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