Global Digital Payments Market Outlook, Opportunities And Strategies
Learn about the global digital payments market through The Business Research Company, which provides information on digital payments market size, digital payments market drivers and restraints, digital payments market players, the COVID-19 impact on the digital payments market, and more.
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The global digital payments market is expected to grow from $29.66 billion in 2020 to $32.27 billion in 2021 at a compound annual growth rate (CAGR) of 8.77%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $46.94 billion in 2025 at a CAGR of 9.83%.
Quick on boarding and ease of use is expected to drive innovation in digital payments, thus driving the market during the forecast period.
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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.
Global digital payments market segments include:
By Mode Of Payment: Point Of Sale, Online Sale
By End-User Industry: Retail, Banking And Financial Service; Telecommunication, Government, Transportation, Others
By Deployment: Cloud, On-Premise
By Enterprise: Large Enterprises, Small And Medium Enterprises
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the digital payments market in 2020.
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.
TBRC’s digital payments market report covers:
Major Market Players: Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc., MasterCard, Total System Services (TSYS), Novatti, Global Payments, Financial Software & Systems, Worldline, BlueSnap, Net 1 UEPS Technologies, Wirecard, ACI Worldwide, Worldpay (Vantiv), Aurus Inc, Chetu, Paysafe, PayU, Yapstone, and Adyen.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Digital Payments Global Market Report 2021: COVID-19 Growth and Change to 2030 is one of a series of new reports from The Business Research Company that provides digital payments market overviews, analyzes and forecasts market size, share, digital payments market players, digital payments market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s digital payments market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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